Best Buy Enterprise Services 401(k) match, vesting and fees
What Best Buy Enterprise Services' 401(k) plan says about matching contributions
After one year of service with the Company, the Company will match 100% of the participant's eligible contributions that do not exceed 3% of compensation, plus 50% of eligible contributions that exceed 3% but do not exceed 5% of compensation. Participant Accounts - Individual accounts are maintained for each Plan participant. Each participant's account is credited with the participant's contribution, the Company's matching contribution, as well as allocations of Plan earnings and losses. Effective January 1, 2007, the Plan agreement was amended to adopt a safe harbor matching contribution provision intended to satisfy Section 401(k)(12)(B) of the Code. This provision provides that the participants' account balances holding such safe harbor matching contributions will be immediately 100% vested.
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 | Audit report, p. 32 ↗ |
| Match vesting | Vesting - Participants are immediately vested in their contributions, plus actual earnings thereon. Effective January 1, 2007, the Plan agreement was amended to adopt a safe harbor matching contribution provision intended to satisfy Section 401(k)(12)(B) of the Code. This provision provides that the participants' account balances holding such safe harbor matching contributions will be immediately 100% vested. | Audit report, p. 32 ↗ |
| Roth contributions | Contributions - Each year, participants may contribute up to 50% of their annual compensation through pre-tax contributions, after-tax Roth contributions or a combination of the two contribution types as defined by the Plan, subject to the Code limitations. | Audit report, p. 32 ↗ |
| Loans | Notes Receivable from Participants - Employees hired on or after June 1, 2014, may not borrow from their fund accounts, and effective January 1, 2015, no participant may request a new loan under the Plan. Prior to April 1, 2014, participants could borrow from their fund accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50% of their vested account balance. The loans are secured by the balance in the participant's account and bear interest at the rate of the prime interest rate plus one percentage point on the first business day of the month in which the loan was processed. Loans require repayment within five years from the loan date, unless the loan was for the purchase of the participant's primary residence, in which case the repayment term is up to 15 years. Principal and interest is paid ratably through bi-weekly payroll deductions. During the period between April 20, 2020, through September 20, 2020, the Company adopted a provision of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) that allowed a qualified participant to request a loan from the Plan for a minimum of $1,000 and up to a maximum of 100% of their vested balance or $100,000 to be repaid over a period of five years. | Audit report, p. 32 ↗ |
| Recordkeeper | Voya Institutional Plan Services | Schedule C ↗ |
| Independent auditor | Deloitte & Touche, LLP (unmodified opinion) | Schedule H ↗ |
| Plan type and status | 401(k) · Active | Form 5500 ↗ |
All rows are from the plan year 2024 filing; plan features from its audit report.
How the plan compares
Plan year 2024 medians for 22 defined-contribution plans in retail trade with 50,000 or more participants.
| Best Buy Enterprise Services: employer contribution per participant | $1,179 | |
| Peer median | $1,179 |
| Best Buy Enterprise Services: average balance | $56,721 | |
| Peer median | $58,043 |
| Best Buy Enterprise Services: admin expenses ÷ assets | 0.16% | |
| Peer median | 0.09% |
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 $2.9B at the end of plan year 2023 to $3.1B at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 108,948 | $3.1B | $65M | $1,179 | 0.16% | Quoted in the audit report, p. 32 ↗ | Form 5500 ↗ |
| 2023 | 111,163 | $2.9B | $68M | $1,193 | 0.18% | Not published | Form 5500 ↗ |
Common questions
Does Best Buy Enterprise Services match 401(k) contributions?
The audit report attached to the Best Buy Retirement Savings Plan's plan year 2024 Form 5500, page 32 says: “After one year of service with the Company, the Company will match 100% of the participant's eligible contributions that do not exceed 3% of compensation, plus 50% of eligible contributions that exceed 3% but do not exceed 5% of compensation. Participant Accounts - Individual accounts are maintained for each Plan participant. Each participant's account is credited with the participant's contribution, the Company's matching contribution, as well as allocations of Plan earnings and losses. Effective January 1, 2007, the Plan agreement was amended to adopt a safe harbor matching contribution provision intended to satisfy Section 401(k)(12)(B) of the Code. This provision provides that the participants' account balances holding such safe harbor matching contributions will be immediately 100% vested.” Plan terms may have changed; check your current Summary Plan Description.
When is the Best Buy Enterprise Services 401(k) match vested?
The audit report attached to the plan year 2024 Form 5500, page 32 says: “Vesting - Participants are immediately vested in their contributions, plus actual earnings thereon. Effective January 1, 2007, the Plan agreement was amended to adopt a safe harbor matching contribution provision intended to satisfy Section 401(k)(12)(B) of the Code. This provision provides that the participants' account balances holding such safe harbor matching contributions will be immediately 100% vested.”
Who manages the Best Buy Enterprise Services 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is Voya Institutional Plan Services. The plan administrator is Best Buy Enterprise Services, Inc..
I left Best Buy Enterprise Services. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Best Buy Enterprise Services, Inc., (612) 291-1000) or the recordkeeper, Voya Institutional Plan Services. The Best Buy Enterprise Services old 401(k) page lists the contacts from every plan filing. Find an old Best Buy Enterprise Services 401(k)
Data from the public Form 5500 annual reports Best Buy Enterprise Services 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 Best Buy Enterprise Services. Not financial advice. Report a correction · Methodology