Shopify (USA), Inc. 401(k) Review & Grade
Shopify (USA), Inc. 401(k) Plan
New York, NYInformation1,857 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$3,064Employer $ per active participant
$15,111Employee $ saved per active participant
0.11%Direct admin cost, % of plan assets
$175.7MNet plan assets, end of year
$62,154Average balance per account
Score breakdown
- Employer generosity27.2 / 5054th percentile for employer $ per participant
- Low cost17.8 / 2571th percentile for low admin cost vs. same-size plans
- Employee saving13.1 / 1587th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score58 / 100 · Grade C
This plan vs. peers
Peers: Information plans with 500–2,499 active participants (310 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 54th |
| Lower admin cost | 71th |
| Employee saving | 87th |
| Peers that auto-enroll | 59% |
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Red flags from the filing
Corrective distributions: the plan refunded $38,975 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Shopify (USA) put in about $3,064 per active participant, more than the typical peer ($2,829). 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 | $5,690,000 |
| Participant (employee) contributions | $28,060,434 |
| Other contributions (incl. rollovers in) | $16,362,284 |
| Administrative expenses paid from the plan | $165,416 |
| Contract administrator fees | $300 |
| Investment advisory & management fees | $74,720 |
| Benefits paid out | $15,700,876 |
| Net assets, start / end of year | $120.8M / $175.7M |
| Active participants, start / end of year | 1,670 / 2,044 |
| Participants with account balances | 2,827 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Moss Adams |
Largest service providers (Schedule C)
| Usi Securities Inc | $64,499 reported compensation |
| Fidelity Investments Institutional | $59,054 reported compensation |
| Moss Adams | $31,875 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250911132846NAL0000812480001, received 2025-09-11, EIN 47-1039071, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.