Simplisafe 401(k) match, vesting and fees
What Simplisafe's 401(k) plan says about matching contributions
The Company makes a safe harbor matching contribution equal to 100% of participant deferrals up to 4% of each participant’s eligible compensation contributed to the Plan. To be eligible for safe harbor matching contributions, the participant must have completed three months of service. For the years ended December 31, 2023 and 2022, the Company made safe harbor matching contributions totaling $3,600,745 and $2,978,719, respectively. The Company may also make discretionary matching contributions to the Plan. To be eligible for discretionary matching contributions, participants must have completed three months of service. For the years ended 2023 and 2022, there were no additional discretionary matching contributions made to the Plan.
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. 30 ↗ |
| Roth contributions | In addition, participants may contribute designated Roth (after tax) contributions. | 2023 audit report, p. 30 ↗ |
| Recordkeeper | Empower Annuity Insurance Company | 2024 Schedule C ↗ |
| Independent auditor | Whitley Penn 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 479 defined-contribution plans in retail trade with 1,000 to 4,999 participants.
| Simplisafe: employer contribution per participant | $3,800 | |
| Peer median | $1,023 |
| Simplisafe: average balance | $53,674 | |
| Peer median | $43,395 |
| Simplisafe: admin expenses ÷ assets | 0.40% | |
| Peer median | 0.23% |
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 $16.5M at the end of plan year 2021 to $55.3M at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 1,413 | $55.3M | $3.9M | $3,800 | 0.40% | Not published | Form 5500 ↗ |
| 2023 | 1,355 | $38.4M | $3.6M | $3,931 | 0.39% | Quoted in the audit report, p. 30 ↗ | Form 5500 ↗ |
| 2022 | 1,223 | $22.9M | $3M | $3,747 | 0.40% | Not published | Form 5500 ↗ |
| 2021 | 888 | $16.5M | $1.9M | $3,183 | 0.28% | Not published | Form 5500 ↗ |
Common questions
Does Simplisafe match 401(k) contributions?
The audit report attached to the Simplisafe 401(k) Plan's plan year 2023 Form 5500, page 30 says: “The Company makes a safe harbor matching contribution equal to 100% of participant deferrals up to 4% of each participant’s eligible compensation contributed to the Plan. To be eligible for safe harbor matching contributions, the participant must have completed three months of service. For the years ended December 31, 2023 and 2022, the Company made safe harbor matching contributions totaling $3,600,745 and $2,978,719, respectively. The Company may also make discretionary matching contributions to the Plan. To be eligible for discretionary matching contributions, participants must have completed three months of service. For the years ended 2023 and 2022, there were no additional discretionary matching contributions made to the Plan.” Plan terms may have changed; check your current Summary Plan Description.
When is the Simplisafe 401(k) match vested?
The vesting schedule for the Simplisafe 401(k) Plan is not in the data published so far. Your Summary Plan Description states it.
Who manages the Simplisafe 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is Empower Annuity Insurance Company. The plan administrator is Simplisafe, Inc..
I left Simplisafe. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Simplisafe, Inc., (857) 227-1238) or the recordkeeper, Empower Annuity Insurance Company. The Simplisafe old 401(k) page lists the contacts from every plan filing. Find an old Simplisafe 401(k)
Data from the public Form 5500 annual reports Simplisafe filed with the U.S. Department of Labor (plan years 2021 and 2022 and 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 Simplisafe. Not financial advice. Report a correction · Methodology