Lendingclub Corporation 401(k) Review & Grade
Lendingclub Corporation 401(k) Plan
San Francisco, CAFinance & Insurance966 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$3,253Employer $ per active participant
$11,295Employee $ saved per active participant
0.16%Direct admin cost, % of plan assets
$145.2MNet plan assets, end of year
$90,322Average balance per account
Score breakdown
- Employer generosity21.8 / 5044th percentile for employer $ per participant
- Low cost15.5 / 2562th percentile for low admin cost vs. same-size plans
- Employee saving12.1 / 1580th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score52 / 100 · Grade C
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 44th |
| Lower admin cost | 62th |
| Employee saving | 80th |
| Peers that auto-enroll | 62% |
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Red flags from the filing
No red flags were reported on this filing's compliance questions.
What to do if you're in this plan
- Lendingclub put in about $3,253 per active participant, below the typical peer ($3,606). Any match is still an instant return, so contribute enough to get all of it.
- The filing shows total dollars, not the match formula. Ask HR for the Summary Plan Description so you know the exact match and vesting schedule.
- Fund expense ratios aren't in the filing. Look them up in your 404(a)(5) fee disclosure and favor low-cost index or target-date funds.
- Changing jobs? You can usually leave the money in the plan, move it to your new employer's plan, or roll it into an IRA. Don't cash out: you'd owe taxes and possibly a 10% penalty.
The raw numbers from the filing
| Employer contributions | $3,144,397 |
| Participant (employee) contributions | $10,916,412 |
| Other contributions (incl. rollovers in) | $1,450,834 |
| Administrative expenses paid from the plan | $218,066 |
| Benefits paid out | $20,922,650 |
| Net assets, start / end of year | $131.6M / $145.2M |
| Active participants, start / end of year | 1,008 / 925 |
| Participants with account balances | 1,608 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Crowe, LLP |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company | $131,801 reported compensation |
| Empower Advisory Group, LLC | $100,167 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014191821NAL0007231538001, received 2025-10-14, EIN 51-0605731, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.