Qualcomm 401(k) match, vesting and fees
What Qualcomm's 401(k) plan says about matching contributions
During 2024 and 2023, the Company contributed $1.00 for each dollar a participant contributed up to $1,500, $0.50 for each dollar the participant contributed for the next $1,500 and $0.33 for each dollar the participant contributed for the next $7,500. The Company also matches additional contributions of $0.10 for each dollar a participant contributes in excess of $10,500 up to the maximum allowable contribution for federal income tax purposes. The Company’s matching and discretionary contributions are made to the employees’ pre-tax accounts regardless of whether the employees’ contributions were pre-tax or Roth contributions. The Company does not match employees’ traditional after-tax contributions.
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. 134 ↗ |
| Match vesting | Salary deferrals (including earnings thereon) are immediately 100% vested. Participants vest in the Company’s matching and discretionary contributions and the related earnings at the rate of 50% on the first anniversary date and 100% on the second anniversary date of the employee’s hire date. A participant automatically becomes 100% vested after attaining age 60 or after becoming disabled, deceased or Plan termination based upon the terms of the Plan document. | Audit report, p. 135 ↗ |
| Roth contributions | Participants are permitted to make pre-tax, Roth and traditional after-tax contributions to the Plan in amounts from 1% to 85% of their annual salary, up to prescribed limits established by the Internal Revenue Service (“IRS”) which were $23,000 and $22,500 during 2024 and 2023, respectively excluding catch-up contributions. Additionally, participants are permitted to make pre-tax, Roth and traditional after-tax contributions of up to 85% of their eligible annual bonus compensation. | Audit report, p. 134 ↗ |
| Loans | Participants may obtain cash loans from the Plan in accordance with the Plan's Loan Guidelines. Loan amounts are limited to the lesser of $50,000 reduced by the highest outstanding loan balance in the participant’s account during the prior twelve-month period or one-half of the participant’s vested account balance. Promissory notes are secured by all accounts of the participant. Loans bear interest at prime plus 1% and are repayable within five years or, if the loan is for the purchase of a primary residence, within ten years. | Audit report, p. 135 ↗ |
| Recordkeeper | Fidelity Investments Institutional | Schedule C ↗ |
| Independent auditor | Withumsmith Brown, PC (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 37 defined-contribution plans in information with 10,000 to 49,999 participants.
| Qualcomm: employer contribution per participant | $3,319 | |
| Peer median | $3,276 |
| Qualcomm: average balance | $428,367 | |
| Peer median | $162,288 |
| Qualcomm: admin expenses ÷ assets | <0.01% | |
| Peer median | 0.05% |
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 $8.1B at the end of plan year 2023 to $9.7B at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 23,062 | $9.7B | $74.8M | $3,319 | <0.01% | Quoted in the audit report, p. 134 ↗ | Form 5500 ↗ |
| 2023 | 23,606 | $8.1B | $81.3M | $3,535 | <0.01% | Not published | Form 5500 ↗ |
Common questions
Does Qualcomm match 401(k) contributions?
The audit report attached to the Qualcomm Incorporated Employee Savings and Retirement Plan's plan year 2024 Form 5500, page 134 says: “During 2024 and 2023, the Company contributed $1.00 for each dollar a participant contributed up to $1,500, $0.50 for each dollar the participant contributed for the next $1,500 and $0.33 for each dollar the participant contributed for the next $7,500. The Company also matches additional contributions of $0.10 for each dollar a participant contributes in excess of $10,500 up to the maximum allowable contribution for federal income tax purposes. The Company’s matching and discretionary contributions are made to the employees’ pre-tax accounts regardless of whether the employees’ contributions were pre-tax or Roth contributions. The Company does not match employees’ traditional after-tax contributions.” Plan terms may have changed; check your current Summary Plan Description.
When is the Qualcomm 401(k) match vested?
The audit report attached to the plan year 2024 Form 5500, page 135 says: “Salary deferrals (including earnings thereon) are immediately 100% vested. Participants vest in the Company’s matching and discretionary contributions and the related earnings at the rate of 50% on the first anniversary date and 100% on the second anniversary date of the employee’s hire date. A participant automatically becomes 100% vested after attaining age 60 or after becoming disabled, deceased or Plan termination based upon the terms of the Plan document.”
Who manages the Qualcomm 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is Fidelity Investments Institutional. The plan administrator is Qualcomm Incorporated.
I left Qualcomm. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Qualcomm Incorporated, (858) 651-1322) or the recordkeeper, Fidelity Investments Institutional. The Qualcomm old 401(k) page lists the contacts from every plan filing. Find an old Qualcomm 401(k)
Data from the public Form 5500 annual reports Qualcomm 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 Qualcomm. Not financial advice. Report a correction · Methodology