Employer · plans filed under one EIN
Carmax, Inc.
Richmond, VA · Retail trade
Form 5500 information is as filed by the plan administrator with the Department of Labor and may be amended. Figures reflect the plan year shown, not current balances.
Carmax, Inc., based in Richmond, Virginia, sponsors 2 retirement plans with 100 or more participants: 1 defined contribution and 1 defined benefit. Together they reported 40,957 participant records and $2.01B in net assets.
The largest is Carmax, Inc. Retirement Savings Plan, a 401(k) plan with 33,911 participants. A person can be counted in more than one plan, so the participant total is a count of records rather than of people.
Employer contributions across the plans were $71.2M and participant contributions $101M in the latest plan years; benefits paid were $132M. Schedule C compensation reported to service provider organisations totalled $2.0M.
Combined net assets moved from $219M in 2009 to $2.01B in 2024 (up 817%). Plan mergers and spin-offs show up here as steps in the series.
Plans
| Plan | Kind | Plan year | Participants | Net assets | Per participant | Employer / active | Sch. C compensation |
|---|---|---|---|---|---|---|---|
| Carmax, Inc. Retirement Savings Plan | 401(k) plan | 2024 | 33,911 | $1.81B | $53,459 | $2,455 | $1.0M |
| Carmax, Inc. Pension Plan | defined benefit pension plan | 2024 | 7,046 | $199M | $28,237 | — | $1.0M |
| US median, plan year 2024: DC plans $53,102 per participant, $2,175 employer contribution per active participant; DB plans $86,221 and $10,244. | |||||||
Trend by plan year
| Plan year | Plans | Participant records | Net assets | Employer contributions | Participant contributions |
|---|---|---|---|---|---|
| 2024 | 2 | 40,957 | $2.01B | $71.2M | $101M |
| 2023 | 2 | 42,158 | $1.73B | $68.6M | $96.9M |
| 2022 | 2 | 43,639 | $1.39B | $65.2M | $93.7M |
| 2021 | 2 | 43,047 | $1.60B | $60.5M | $87.7M |
| 2020 | 2 | 38,336 | $1.32B | $50.1M | $67.5M |
| 2019 | 2 | 38,968 | $1.13B | $49.3M | $63.9M |
| 2018 | 2 | 38,152 | $877M | $42.6M | $56.8M |
| 2017 | 2 | 37,027 | $882M | $50.0M | $51.4M |
| 2016 | 2 | 34,907 | $689M | $38.2M | $38.7M |
| 2015 | 2 | 35,950 | $606M | $29.6M | $34.4M |
| 2014 | 2 | 32,240 | $571M | $28.0M | $32.8M |
| 2013 | 2 | 29,580 | $504M | $26.9M | $28.8M |
| 2012 | 2 | 29,530 | $384M | $22.7M | $24.7M |
| 2011 | 2 | 27,630 | $313M | $27.5M | $22.3M |
| 2010 | 2 | 27,888 | $283M | $23.1M | $20.7M |
| 2009 | 2 | 25,817 | $219M | $20.7M | $18.4M |
History of the plans listed above, in the years each filed the full Form 5500 with 100 or more participants. Plans that have since terminated are not included.
Service providers
| Organisation | Services reported | Plans | Compensation reported |
|---|---|---|---|
| T Rowe Price RPS Inc. | Recordkeeping and information management; Trustee (bank, trust company, or similar financial institution); Trustee (directed); Investment management | 1 | $989,355 |
| Aon | Recordkeeping and information management | 1 | $679,155 |
| Principal | Trustee (bank, trust company, or similar financial institution); Investment management; Trustee (directed) | 1 | $196,000 |
| William M Mercer | Actuarial | 1 | $112,213 |
| Forvis Mazars, LLP | Accounting (including auditing) | 2 | $39,200 |
| Morningstar | Investment advisory (participants) | 1 | $17,399 |
| Alight Solutions LLC | Consulting (general) | 1 | $11,700 |
Organisations paid $5,000 or more by any of these plans, from Schedule C. Individuals are not shown.
Questions and answers
How many retirement plans does Carmax, Inc. have?
2 plans with 100 or more participants filed Form 5500 under its employer identification number for the latest plan years: Carmax, Inc. Retirement Savings Plan and Carmax, Inc. Pension Plan. Smaller plans and plans filed under a subsidiary's number are not grouped here.
How much does Carmax, Inc. contribute to its plans?
$71,211,893 in employer contributions across these plans in their latest plan years, about $2,268 per active participant record. Form 5500 reports totals and not the match or accrual formula.
Who provides services to these plans?
Schedule C filings name T Rowe Price RPS Inc., Aon, Principal and William M Mercer and others. Only organisations paid $5,000 or more by a plan are listed on Schedule C.
Where does this come from?
Form 5500 annual reports filed with the Department of Labor's EFAST2 system, from the EBSA research files, with filings received through 24 Aug 2026. Figures are as filed and may be amended.
Provenance
Source: U.S. Department of Labor, Employee Benefits Security Administration, Form 5500 research files, public domain, with filings received through 24 Aug 2026. Plans are grouped by the sponsor's employer identification number exactly as filed; a company that files under several EINs appears as several employers. See the methodology and corrections.