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Industry · Form 5500 business code 523120
Securities Brokerage: retirement plans
Plans whose sponsor entered this principal business activity code on Form 5500.
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. The business code is chosen by the filer from the list in the Form 5500 instructions.
For plan year 2024, 102 retirement plans in securities brokerage with 100 or more participants filed Form 5500: 97 defined contribution and 5 defined benefit. They reported 215,569 participant records and $42.9B in net assets, counting every plan on the form.
The median defined contribution plan held $189,898 per participant, well above the national median of $53,031, and its employer put in $5,464 per active participant (national: $2,174). Among plans reporting Schedule C compensation the median was $113 per participant against $123 nationally.
Employers contributed $1.13B and participants $1.97B during the year, and the plans paid out $3.31B in benefits.
In 2009 the same group numbered 125 plans with $9.79B; by 2024 it was 102 plans (down 18%) and $42.9B (up 338%). From plan year 2023 the 100-participant line counts participants with account balances, which moved many plans to the short form.
Medians compared with all US plans
| Median plan, plan year 2024 | Industry: DC | US: DC | Industry: DB | US: DB |
|---|---|---|---|---|
| Net assets per participant | $189,898 | $53,031 | $94,954 | $86,234 |
| Employer contributions per active participant | $5,464 | $2,174 | $0 | $10,244 |
| Schedule C compensation per participant | $113 | $123 | $388 | $344 |
| Schedule C compensation, share of net assets | 0.06% | 0.26% | 0.54% | 0.42% |
| Administrative expenses per participant | $100 | $116 | $287 | $527 |
Medians across plans with 100 or more participants (95 DC and 5 DB plans with a Schedule H here). Fee medians cover plans reporting an amount. DC: defined contribution, such as 401(k) and 403(b). DB: defined benefit pension.
Distribution of DC plans
| Measure | 25th percentile | Median | 75th percentile | Plans |
|---|---|---|---|---|
| Net assets per participant | $89,478 | $189,898 | $290,084 | 95 |
| Employer contributions per active participant | $2,127 | $5,464 | $10,168 | 92 |
| Schedule C compensation per participant | $35.57 | $113 | $195 | 92 |
| Administrative expenses per participant | $41.84 | $100 | $215 | 92 |
Trend by plan year
| Plan year | Plans 100+ | Participants | Net assets | Employer contributions | Participant contributions | Median DC assets / participant | Median DC Sch. C / participant |
|---|---|---|---|---|---|---|---|
| 2025partial | 12 | 31,786 | $8.99B | $181M | $379M | $236,682 | $126 |
| 2024 | 102 | 215,569 | $42.9B | $1.13B | $1.97B | $189,898 | $113 |
| 2023 | 98 | 212,779 | $37.3B | $1.05B | $1.84B | $165,033 | $97.94 |
| 2022 | 105 | 210,730 | $30.9B | $916M | $1.68B | $139,474 | $95.85 |
| 2021 | 106 | 204,909 | $36.0B | $855M | $1.51B | $168,958 | $101 |
| 2020 | 98 | 190,664 | $32.4B | $766M | $1.31B | $174,470 | $91.18 |
| 2019 | 102 | 193,001 | $28.8B | $755M | $1.26B | $153,419 | $81.35 |
| 2018 | 101 | 187,628 | $23.2B | $659M | $1.15B | $117,445 | $62.38 |
| 2017 | 104 | 130,491 | $18.4B | $443M | $777M | $127,061 | $47.93 |
| 2016 | 110 | 175,779 | $21.1B | $642M | $979M | $113,984 | $49.07 |
| 2015 | 117 | 134,799 | $14.7B | $561M | $761M | $95,645 | $46.15 |
| 2014 | 121 | 134,753 | $14.6B | $402M | $707M | $94,447 | $48.14 |
| 2013 | 129 | 187,534 | $20.2B | $639M | $992M | $96,785 | $44.21 |
| 2012 | 134 | 161,063 | $14.0B | $392M | $769M | $82,160 | $32.00 |
| 2011 | 136 | 202,937 | $15.0B | $505M | $907M | $69,746 | $40.99 |
| 2010 | 132 | 165,967 | $12.9B | $391M | $722M | $69,661 | $37.81 |
| 2009 | 125 | 145,338 | $9.79B | $357M | $560M | $62,052 | $22.88 |
Plan year is the year in which the plan year began. The drop in large plans from 2023 follows a rule change: the 100-participant line now counts participants with account balances, so many plans moved to the short form.
Provider share
Service provider organisations named most often on the Schedule C of the 102 plans on this page's list, by number of plans. A plan usually names several providers.
Largest plans
The 40 largest by participants of 102 plans with a page on this site.
| Plan | Sponsor | State | Type | Participants | Net assets | Per participant | Employer / active | Sch. C / participant |
|---|---|---|---|---|---|---|---|---|
| Edward D. Jones & Co. Profit Sharing and 401(k) Plan | Edward D. Jones & Co., L.P. | MO | DC | 58,392 | $12.4B | $211,809 | $8,470 | $26.89 |
| Schwabplan Retirement Savings and Investment Plan | The Charles Schwab Corporation | TX | DC | 43,502 | $8.93B | $205,327 | $6,786 | $104 |
| Rbc- U.S.A. Retirement and Savings Plan | RBC USA Holdco Corporation | MN | DC | 15,272 | $5.02B | $328,875 | $7,141 | $15.73 |
| LPL Financial LLC Profit Sharing 401(k) Plan | LPL Financial LLC | CA | DC | 10,827 | $940M | $86,787 | $4,600 | $95.30 |
| UBS Financial Services Inc. Pension Plan | UBS Financial Services Inc. | NJ | DB | 8,083 | $577M | $71,365 | — | $388 |
| Jefferies Employees' Profit Sharing Plan | Jefferies Financial Group, Inc. | NY | DC | 5,450 | $1.43B | $261,959 | $4,117 | $11.42 |
| BGC Group, Inc. Deferral Plan for Employees of BGC Group, Inc., Cantor Fitzgerald, L.P. and Its Affiliates | Cantor Fitzgerald LP and BGC Group Inc. As Co-Sponsors | NY | DC | 3,960 | $518M | $130,901 | $865 | $118 |
| Oppenheimer & Co. Inc. 401(k) Plan | Oppenheimer & Co. Inc. | NY | DC | 3,699 | $808M | $218,318 | $2,401 | $27.17 |
| Robinhood 401(k) Plan | Robinhood Markets, Inc. | CA | DC | 3,609 | $246M | $68,218 | $5,590 | $29.91 |
| Janney Montgomery Scott LLC Profit Sharing and Savings Plan | Janney Montgomery Scott LLC | PA | DC | 2,852 | $766M | $268,638 | $13,096 | $0.35 |
| Susquehanna International Group, LLP 401(k) Profit Sharing Plan | Susquehanna International Group, LLP | PA | DC | 2,830 | $934M | $330,212 | $7,990 | $62.59 |
| William Blair 401(k) and Profit Sharing Plan | William Blair & Company, LLC | IL | DC | 2,756 | $1.37B | $498,063 | $15,236 | $126 |
| TLC Management, Inc. 401(k) Plan | Tender Loving Care Management | IN | DC | 2,716 | $31.0M | $11,402 | $1,181 | $52.56 |
| Jane Street Group, LLC 401(k) Plan | Jane Street Group, LLC | NY | DC | 2,421 | $687M | $283,720 | $17,933 | $23.73 |
| D.A. Davidson Companies Retirement Savings and Profit Sharing Plan | D.A. Davidson Companies | MT | DC | 2,084 | $623M | $298,787 | $8,403 | $69.30 |
| B. Riley Financial, Inc. 401(k) Profit Sharing Plan | B. Riley Financial, Inc. | CA | DC | 2,052 | $290M | $141,204 | $1,822 | $35.10 |
| TP Icap 401(k) Plan | TP Icap Americas Holdings Inc. | NY | DC | 2,038 | $599M | $293,824 | $3,106 | $130 |
| Virtu Financial LLC 401(k) Plan | Virtu Financial Operating LLC | NY | DC | 1,841 | $660M | $358,305 | $0 | $87.39 |
| D.A. Davidson Companies Employee Stock Ownership Plan | D.A. Davidson Companies | MT | DC | 1,831 | $176M | $95,916 | — | $10.58 |
| Credit Agricole Corporate and Investment Bank 401(k) Savings Plan | Credit Agricole Corporate and Investment Bank | NY | DC | 1,683 | $484M | $287,470 | $13,613 | $105 |
| Commonwealth Financial Network 401(k) P/s Plan | Commonwealth Financial Network | MA | DC | 1,574 | $238M | $151,369 | $4,843 | $21.91 |
| The Natixis US Group 401(k) Plan | Natixis North America LLC | NY | DC | 1,491 | $471M | $315,596 | $18,291 | $150 |
| Tradeweb Markets LLC 401(k) Plan | Tradeweb Markets LLC | NY | DC | 1,349 | $332M | $246,048 | $7,957 | $51.82 |
| Independence Realty Operating Partnership 401(k) Plan | Independence Realty Operating Partnership, LP | PA | DC | 1,294 | $30.2M | $23,321 | $1,748 | $21.98 |
| Credit Agricole Corporate and Investment Bank Retirement Plan | Credit Agricole Corporate and Investment Bank | NY | DB | 1,190 | $162M | $136,397 | — | $0.46 |
| Wedbush Securities Inc. Employees' Retirement Plan | Wedbush Securities Inc. | CA | DC | 1,129 | $182M | $161,299 | $8,130 | $44.81 |
| Advisors Excel, LLC 401(k) P/s Plan | Advisors Excel, LLC | KS | DC | 1,125 | $73.8M | $65,640 | $3,159 | $183 |
| Cambridge Investment Group Retirement Plan | Eneric Petroleum Corporation | IA | DC | 1,090 | $81.7M | $74,953 | $3,239 | $10.48 |
| First Command Financial Planning, Inc. 401(K)-EMPLOYEE Stock Ownership Plan | First Command Financial Planning, Inc. | TX | DC | 1,088 | $208M | $190,735 | $11,229 | $115 |
| CTC Trading Group, L.L.C. 401(k) Plan and Retirement Trust | CTC Trading Group, LLC | IL | DC | 911 | $352M | $386,780 | $12,511 | $130 |
| Investment Corporation of America Profit Sharing 401(k) Plan | Investment Corporation of America | TX | DC | 878 | $128M | $145,949 | $2,098 | $284 |
| Atria Wealth Solutions 401(k) Plan | Atria Wealth Solutions, Inc. | NY | DC | 870 | $57.0M | $65,567 | $2,247 | $242 |
| Petrochoice Holdings, Inc. 401(k) Plan | Petrochoice Holdings, Inc. | PA | DC | 810 | $44.4M | $54,873 | $1,864 | $180 |
| First Eagle Investments 401(k) Plan | First Eagle Investment Management, LLC | NY | DC | 805 | $217M | $269,059 | $13,466 | $3.70 |
| Equity Trust Company 401(k) Plan | Equity Trust Company | OH | DC | 795 | $29.9M | $37,605 | $2,369 | $22.22 |
| Benjamin F. Edwards & Co., Inc. 401(k) Plan | Benjamin F. Edwards & Co., Inc. | MO | DC | 784 | $126M | $160,252 | $7,289 | $364 |
| The Western Asset Management 401(k) Plan | Western Asset Management Company, LLC | CA | DC | 762 | $385M | $505,057 | $10,296 | $166 |
| Amundi US, Inc. Savings and Investment Plan | Amundi US, Inc. | MA | DC | 724 | $174M | $240,628 | $3,738 | $88.04 |
| Amundi US, Inc. Retirement Benefit Plan | Amundi US, Inc. | MA | DC | 715 | $130M | $181,637 | $22,370 | $89.85 |
| Tradestation Group, Inc. Employee Savings Retirement Plan | Tradestation Group, Inc. | FL | DC | 671 | $89.9M | $133,961 | $3,154 | $136 |
By plan size
By state
Questions and answers
How many retirement plans are there in securities brokerage?
102 plans with 100 or more participants filed Form 5500 for plan year 2024, out of 203 pension plans on the full form. Smaller plans file Form 5500-SF and are counted separately where shown.
What is the typical 401(k) balance in securities brokerage?
The median defined contribution plan reported $189,898 in net assets per participant (middle half of plans: $89,478 to $290,084); nationally it was $53,031. This is a plan-level average that includes former employees, not a typical person's balance.
What do employers contribute in securities brokerage?
The median defined contribution plan received $5,464 in employer contributions per active participant, against $2,174 nationally. Plans with no employer contribution are included at zero.
What are average 401(k) fees in securities brokerage?
Among defined contribution plans that report any Schedule C compensation, the median was $113 per participant and 0.06% of net assets (nationally $123 and 0.26%). Schedule C leaves out fund expense ratios and fees the employer pays, so it understates total cost.
Where does this come from?
Form 5500 annual reports in the EBSA research files, with filings received through 24 Aug 2026. Medians are computed by this site across plans with 100 or more participants.
Provenance
Source: U.S. Department of Labor, Employee Benefits Security Administration, Form 5500 research files, public domain, with filings received through 24 Aug 2026. Totals count every pension plan on the full form; medians and the plan list cover plans with 100 or more participants. See the methodology.