Apple 401(k) match, vesting and fees
What Apple's 401(k) plan says about matching contributions
Employer contributions – The Company makes matching contributions to the Plan, as defined in the plan document. The matching rate is based on the participant’s length of service determined as of the payroll date for the pay period with respect to which the contribution is made. In 2023, the Company matched as follows: participants with less than two years of service are matched at 50%, two but less than five years at 75%, and five or more years at 100% of each eligible participant’s aggregate regular pre-tax 401(k) and/or Roth 401(k) contributions up to a maximum of 6% of the participant’s eligible compensation.
Quoted directly from the filing. Plan terms may have changed; check your current Summary Plan Description.
Plan features
Indented passages are quoted word for word from the audit report; plan terms may have changed since, so check your current Summary Plan Description.
| Employer match | Quoted from the filing above | 2023 audit report, p. 101 ↗ |
| Match vesting | Vesting – Participants are immediately vested in their entire account, including employer contributions. | 2023 audit report, p. 101 ↗ |
| Automatic enrollment | Furthermore, the Plan allows for automatic enrollment into the Plan at a contribution rate of 3% of eligible compensation (such percentage will be increased incrementally by 1% on each annual anniversary of the date of eligible participation to a maximum of 6% of eligible compensation), unless the employee affirmatively elects otherwise. | 2023 audit report, p. 101 ↗ |
| Roth contributions | Participant contributions – The Plan allows for participating employees to make elective salary deferral contributions on a pre-tax basis and/or Roth after-tax basis of up to 75% of biweekly pay and sales commissions, up to a maximum amount of $22,500 during 2023. | 2023 audit report, p. 101 ↗ |
| Loans | Notes receivable from participants – The Plan allows participants to borrow not less than $1,000 and up to the lesser of $50,000 or 50% of their account balance. | 2023 audit report, p. 101 ↗ |
| Recordkeeper | Fid Inv Inst Ops Co | 2024 Schedule C ↗ |
| Independent auditor | Ernst & Young LLP (unmodified opinion, limited scope) | 2024 Schedule H ↗ |
| Plan type and status | 401(k) · Active | 2024 Form 5500 ↗ |
Match, vesting and other plan features are from the plan year 2023 filing's audit report (the latest one extracted so far). Rows cited to the Form 5500 and its schedules are from the plan year 2024 filing.
How the plan compares
Plan year 2024 medians for 28 defined-contribution plans in manufacturing with 50,000 or more participants.
| Apple: employer contribution per participant | $5,101 | |
| Peer median | $4,356 |
| Apple: average balance | $171,765 | |
| Peer median | $263,591 |
| Apple: admin expenses ÷ assets | 0.03% | |
| Peer median | 0.01% |
Admin expenses are the plan's reported administrative expenses divided by its assets; they do not include fund expense ratios.
Plan history
Plan assets went from $19.8B at the end of plan year 2023 to $24.7B at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 145,428 | $24.7B | $734M | $5,101 | 0.03% | Not published | Form 5500 ↗ |
| 2023 | 144,388 | $19.8B | $680M | $4,747 | 0.06% | Quoted in the audit report, p. 101 ↗ | Form 5500 ↗ |
Common questions
Does Apple match 401(k) contributions?
The audit report attached to the Apple 401(k) Plan's plan year 2023 Form 5500, page 101 says: “Employer contributions – The Company makes matching contributions to the Plan, as defined in the plan document. The matching rate is based on the participant’s length of service determined as of the payroll date for the pay period with respect to which the contribution is made. In 2023, the Company matched as follows: participants with less than two years of service are matched at 50%, two but less than five years at 75%, and five or more years at 100% of each eligible participant’s aggregate regular pre-tax 401(k) and/or Roth 401(k) contributions up to a maximum of 6% of the participant’s eligible compensation.” Plan terms may have changed; check your current Summary Plan Description.
When is the Apple 401(k) match vested?
The audit report attached to the plan year 2023 Form 5500, page 101 says: “Vesting – Participants are immediately vested in their entire account, including employer contributions.”
Who manages the Apple 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is Fid Inv Inst Ops Co. The plan administrator is Apple Inc..
I left Apple. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Apple Inc., (408) 974-3833) or the recordkeeper, Fid Inv Inst Ops Co. The Apple old 401(k) page lists the contacts from every plan filing. Find an old Apple 401(k)
Data from the public Form 5500 annual reports Apple filed with the U.S. Department of Labor (plan years 2023 and 2024) and, where noted, the attached independent auditor's report. Plan terms may have changed since the filing; check your current Summary Plan Description. PlanFacts is not affiliated with Apple. Not financial advice. Report a correction · Methodology