Lyft 401(k) match, vesting and fees
What Lyft's 401(k) plan says about matching contributions
The Plan allows for an employer discretionary matching and/or an employer discretionary nonelective contributions subject to certain eligibility requirements; however, no such contributions were made for the year ended December 31, 2024. The Plan was amended January 1, 2025, to incorporate an annual employer match contribution.
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. 42 ↗ |
| Match vesting | Participants are 100% vested in their contributions and rollover amounts plus actual earnings thereon. Vesting in the discretionary matching contribution and discretionary nonelective contribution and earnings is based on years of credited service at the rate of 20% per year and full vesting after five years. Participants become fully vested in the event of death, disability, retirement age, or plan termination. | Audit report, p. 43 ↗ |
| Automatic enrollment | All employees may elect to participant in the Plan. All employees are automatically enrolled in the Plan. All employees are eligible for discretionary employer match contributions, provided they have completed six months of service. The Plan allows for automatic enrollment for eligible employees as defined in plan documents with a deferral rate of 6% which is increased by 1% each year until it reaches a maximum of 10% of eligible compensation, unless the employee elects differently. | Audit report, p. 42 ↗ |
| Roth contributions | The Plan allows participants to contribute up to 90% of their compensation or Internal Revenue Service (IRS) deferral limits through pre-tax, Roth and after-tax deferrals. | Audit report, p. 42 ↗ |
| Loans | Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum of $50,000 or 50% of their vested account balance, whichever is less. | Audit report, p. 43 ↗ |
| Recordkeeper | Fidelity Investments Institutional | Schedule C ↗ |
| Independent auditor | Blue & Co., LLC (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 1,088 defined-contribution plans in professional, scientific, and technical services with 1,000 to 4,999 participants.
| Lyft: employer contribution per participant | $0 | |
| Peer median | $2,553 |
| Lyft: average balance | $77,177 | |
| Peer median | $100,158 |
| Lyft: admin expenses ÷ assets | 0.12% | |
| Peer median | 0.11% |
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 $320M at the end of plan year 2023 to $375M at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 5,026 | $375M | $0 | $0 | 0.12% | Quoted in the audit report, p. 42 ↗ | Form 5500 ↗ |
| 2023 | 5,247 | $320M | -$11K | -$2 | 0.15% | Not published | Form 5500 ↗ |
Common questions
Does Lyft match 401(k) contributions?
The audit report attached to the Lyft 401(k) Plan's plan year 2024 Form 5500, page 42 says: “The Plan allows for an employer discretionary matching and/or an employer discretionary nonelective contributions subject to certain eligibility requirements; however, no such contributions were made for the year ended December 31, 2024. The Plan was amended January 1, 2025, to incorporate an annual employer match contribution.” Plan terms may have changed; check your current Summary Plan Description.
When is the Lyft 401(k) match vested?
The audit report attached to the plan year 2024 Form 5500, page 43 says: “Participants are 100% vested in their contributions and rollover amounts plus actual earnings thereon. Vesting in the discretionary matching contribution and discretionary nonelective contribution and earnings is based on years of credited service at the rate of 20% per year and full vesting after five years. Participants become fully vested in the event of death, disability, retirement age, or plan termination.”
Who manages the Lyft 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is Fidelity Investments Institutional. The plan administrator is Lyft, Inc..
I left Lyft. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Lyft, Inc., (510) 862-6923) or the recordkeeper, Fidelity Investments Institutional. The Lyft old 401(k) page lists the contacts from every plan filing. Find an old Lyft 401(k)
Data from the public Form 5500 annual reports Lyft 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 Lyft. Not financial advice. Report a correction · Methodology