LPL Financial LLC 401(k) Review & Grade
LPL Financial LLC Profit Sharing 401(k) Plan
San Diego, CAFinance & Insurance8,797 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$4,678Employer $ per active participant
$9,260Employee $ saved per active participant
0.10%Direct admin cost, % of plan assets
$939.6MNet plan assets, end of year
$88,704Average balance per account
Score breakdown
- Employer generosity27.3 / 5055th percentile for employer $ per participant
- Low cost14.1 / 2557th percentile for low admin cost vs. same-size plans
- Employee saving8.8 / 1559th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score47 / 100 · Grade C
This plan vs. peers
Peers: Finance & Insurance plans with 2,500–9,999 active participants (199 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 55th |
| Lower admin cost | 57th |
| Employee saving | 59th |
| Peers that auto-enroll | 66% |
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Red flags from the filing
Late deposits: the filing says some employee contributions were not sent to the plan on time ($311 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $54,532 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- LPL Financial put in about $4,678 per active participant, more than the typical peer ($4,489). Contribute at least enough to collect the full match. Skipping it leaves part of your pay on the table.
- 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.
- The plan auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- The plan reported late deposits of employee contributions. Compare your pay stubs with your account statements, and contact the plan administrator if money shows up late.
- 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 | $41,152,459 |
| Participant (employee) contributions | $81,457,327 |
| Other contributions (incl. rollovers in) | $30,780,406 |
| Administrative expenses paid from the plan | $868,531 |
| Contract administrator fees | $2,325 |
| Investment advisory & management fees | $405,504 |
| Other admin expenses | $1,119 |
| Benefits paid out | $81,957,000 |
| Net assets, start / end of year | $754.1M / $939.6M |
| Active participants, start / end of year | 8,648 / 8,946 |
| Participants with account balances | 10,593 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Lavine, Lofgren, Morris & Engel |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company O | $622,909 reported compensation |
| Mercer (US) Inc Mercer Investments | $405,504 reported compensation |
| Lavine Lofgren Morris & Engelberg L | $29,000 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251002174212NAL0000752945001, received 2025-10-02, EIN 95-2834236, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.