Netapp Inc 401(k) Review & Grade
Netapp, Inc. Employees' 401(k) Savings Plan
San Jose, CAManufacturing5,554 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$5,393Employer $ per active participant
$21,147Employee $ saved per active participant
0.01%Direct admin cost, % of plan assets
$2.2BNet plan assets, end of year
$270,808Average balance per account
Score breakdown
- Employer generosity36.2 / 5072th percentile for employer $ per participant
- Low cost24.5 / 2598th percentile for low admin cost vs. same-size plans
- Employee saving14.9 / 1599th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score76 / 100 · Grade A
This plan vs. peers
Peers: Manufacturing plans with 2,500–9,999 active participants (566 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 72th |
| Lower admin cost | 98th |
| Employee saving | 99th |
| Peers that auto-enroll | 70% |
Red flags from the filing
Corrective distributions: the plan refunded $31,058 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Netapp put in about $5,393 per active participant, more than the typical peer ($3,452). 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.
- 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 | $29,950,073 |
| Participant (employee) contributions | $117,448,780 |
| Other contributions (incl. rollovers in) | $14,367,338 |
| Administrative expenses paid from the plan | $184,134 |
| Contract administrator fees | $3,900 |
| Benefits paid out | $226,216,223 |
| Net assets, start / end of year | $2.0B / $2.2B |
| Active participants, start / end of year | 5,549 / 5,559 |
| Participants with account balances | 8,283 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Baker Tilly Us,llp |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $184,134 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251016165952NAL0003324611001, received 2025-10-16, EIN 77-0307520, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.
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