Snap Finance, LLC 401(k) Review & Grade
Snap Holdings, LLC 401(k) Plan
West Valley City, UTReal Estate & Rental608 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$3,017Employer $ per active participant
$8,196Employee $ saved per active participant
0.36%Direct admin cost, % of plan assets
$32.0MNet plan assets, end of year
$40,813Average balance per account
Score breakdown
- Employer generosity40.9 / 5082th percentile for employer $ per participant
- Low cost8.5 / 2534th percentile for low admin cost vs. same-size plans
- Employee saving13.2 / 1588th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score73 / 100 · Grade B
This plan vs. peers
Peers: Real Estate & Rental plans with 500–2,499 active participants (291 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 82th |
| Lower admin cost | 34th |
| Employee saving | 88th |
| Peers that auto-enroll | 47% |
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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
- Snap Finance put in about $3,017 per active participant, more than the typical peer ($1,279). 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.
- Direct plan expenses (0.36% of assets) are well above similar-size plans (0.23%). Check your annual fee disclosure, choose low-cost index funds if you can, and think about whether savings beyond the match belong in an IRA.
- The plan auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- 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 | $1,834,070 |
| Participant (employee) contributions | $4,983,327 |
| Other contributions (incl. rollovers in) | $1,661,361 |
| Administrative expenses paid from the plan | $97,967 |
| Contract administrator fees | $90,305 |
| Investment advisory & management fees | $3,962 |
| Other admin expenses | $3,700 |
| Benefits paid out | $2,458,084 |
| Net assets, start / end of year | $22.4M / $32.0M |
| Active participants, start / end of year | 604 / 612 |
| Participants with account balances | 783 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Eide Bailly LLP |
Largest service providers (Schedule C)
| Voya Retirement Insurance & Annuity | $109,891 reported compensation |
| Morningstar | $13,933 reported compensation |
| Cetera Investment Advisers LLC | $10,000 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014143055NAL0001547971001, received 2025-10-14, EIN 81-0878051, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.