LPL Financial 401(k) match, vesting and fees
What LPL Financial's 401(k) plan says about matching contributions
The Plan allows matching contributions to be made at the discretion of the Company. For matching contributions, the eligibility requirement is six months of service (no minimum hours of service). During 2024, the discretionary matching contribution was equal to 75% of a participant’s elective deferral up to 8% of a participant’s 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 | Audit report, p. 33 ↗ |
| Match vesting | Participants are immediately 100% vested in their contributions and actual earnings thereon while employer contributions vest at a rate of 30%, 60% and 100% after one, two, and three years of credited service, respectively. A year of credited service is defined as 1,000 hours of service during a plan year. In addition, participants become fully vested in employer contributions in the event of death, disability or eligible retirement from the Company. | Audit report, p. 34 ↗ |
| Automatic enrollment | Eligible employees shall automatically be enrolled in the Plan with a 3% pre-tax deferral, unless they elect a different percentage or decline participation. | Audit report, p. 33 ↗ |
| Roth contributions | Participants may elect to have all or a portion of their elective deferrals classified as Roth contributions. | Audit report, p. 33 ↗ |
| Loans | Participants may borrow from their accounts a minimum of $1,000 up to a maximum generally equal to the lesser of $50,000 or 50% of their vested account balances. The term of the note may not exceed five years unless the loan is for the purchase of a primary residence, in which case, the Plan administrator may permit a repayment period up to 30 years. | Audit report, p. 34 ↗ |
| Recordkeeper | Empower Annuity Insurance Company O | Schedule C ↗ |
| Independent auditor | Lavine, Lofgren, Morris & Engel (unmodified opinion, limited scope) | Schedule H ↗ |
| Plan type and status | 401(k) · Active | Form 5500 ↗ |
| Late participant contributions | Reported on the filing | Schedule H ↗ |
All rows are from the plan year 2024 filing; plan features from its audit report.
How the plan compares
Plan year 2024 medians for 104 defined-contribution plans in finance and insurance with 10,000 to 49,999 participants.
| LPL Financial: employer contribution per participant | $3,885 | |
| Peer median | $3,632 |
| LPL Financial: average balance | $88,704 | |
| Peer median | $158,797 |
| LPL Financial: admin expenses ÷ assets | 0.10% | |
| Peer median | 0.04% |
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 $754M at the end of plan year 2023 to $940M at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 10,827 | $940M | $41.2M | $3,885 | 0.10% | Quoted in the audit report, p. 33 ↗ | Form 5500 ↗ |
| 2023 | 10,606 | $754M | $33.2M | $3,190 | 0.12% | Not published | Form 5500 ↗ |
Common questions
Does LPL Financial match 401(k) contributions?
The audit report attached to the Lpl Financial LLC Profit Sharing 401(k) Plan's plan year 2024 Form 5500, page 33 says: “The Plan allows matching contributions to be made at the discretion of the Company. For matching contributions, the eligibility requirement is six months of service (no minimum hours of service). During 2024, the discretionary matching contribution was equal to 75% of a participant’s elective deferral up to 8% of a participant’s compensation.” Plan terms may have changed; check your current Summary Plan Description.
When is the LPL Financial 401(k) match vested?
The audit report attached to the plan year 2024 Form 5500, page 34 says: “Participants are immediately 100% vested in their contributions and actual earnings thereon while employer contributions vest at a rate of 30%, 60% and 100% after one, two, and three years of credited service, respectively. A year of credited service is defined as 1,000 hours of service during a plan year. In addition, participants become fully vested in employer contributions in the event of death, disability or eligible retirement from the Company.”
Who manages the LPL Financial 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is Empower Annuity Insurance Company O. The plan administrator is Lpl Financial LLC.
I left LPL Financial. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Lpl Financial LLC, (858) 779-5749) or the recordkeeper, Empower Annuity Insurance Company O. The LPL Financial old 401(k) page lists the contacts from every plan filing. Find an old LPL Financial 401(k)
Data from the public Form 5500 annual reports LPL Financial 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 LPL Financial. Not financial advice. Report a correction · Methodology