Sofi Technologies 401(k) Review & Grade
Social Finance, Inc. 401(k) Plan
San Francisco, CAFinance & Insurance3,468 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$8Employer $ per active participant
$10,006Employee $ saved per active participant
0.04%Direct admin cost, % of plan assets
$192.9MNet plan assets, end of year
$46,821Average balance per account
Score breakdown
- Employer generosity0.8 / 502th percentile for employer $ per participant
- Low cost21.5 / 2586th percentile for low admin cost vs. same-size plans
- Employee saving10.2 / 1568th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score30 / 100 · Grade D
This plan vs. peers
Peers: Finance & Insurance plans with 2,500–9,999 active participants (199 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 2th |
| Lower admin cost | 86th |
| Employee saving | 68th |
| Peers that auto-enroll | 66% |
Get the monthly 401(k) report card
The best and worst plans, new grades as filings post. One email a month, no spam.
Red flags from the filing
Late deposits: the filing says some employee contributions were not sent to the plan on time ($26,250 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $8,877 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Sofi Technologies put in about $8 per active participant, below the typical peer ($4,489). 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.
- 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 | $26,250 |
| Participant (employee) contributions | $34,696,622 |
| Other contributions (incl. rollovers in) | $13,350,773 |
| Administrative expenses paid from the plan | $61,799 |
| Benefits paid out | $17,154,286 |
| Net assets, start / end of year | $139.7M / $192.9M |
| Active participants, start / end of year | 3,247 / 3,688 |
| Participants with account balances | 4,121 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Crowe, LLP |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company O | $100,698 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250730135735NAL0010532306001, received 2025-07-30, EIN 45-2499523, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.