New York › Professional, scientific and technical services › 25,000 or more participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
Justworks Retirement Savings Plan
Sponsored by Justworks Employment Group, LLC, New York, NY
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. Form 5500 contains no individual account balances. Look up the original filing at EFAST2.
Justworks Retirement Savings Plan is a 401(k) plan sponsored by Justworks Employment Group, LLC of New York, New York. For the plan year ending 31 Dec 2024 it reported 163,323 participants, 147,007 of them active, and net assets of $3.93B. It is a multiple-employer plan covering the employees of more than one employer.
Net assets came to $24,074 per participant, well below the $62,774 median for defined contribution plans with 25,000 or more participants and well below the $73,951 median for defined contribution plans in professional, scientific and technical services. The figure is an average across everyone in the plan, including former employees with small balances; Form 5500 holds no individual account data.
The employer contributed $209M during the year, or $1,420 per active participant against a same-size median of $2,417; participants contributed $644M and $153M arrived as rollovers and other contributions. Benefits paid out totalled $454M.
Schedule C lists 7 service provider organisations paid $5,000 or more, with reported compensation of $9.3M: $56.82 per participant, well above the same-size median of $36.41. Administrative expenses charged to the plan were $9.2M. Schedule C does not capture every cost: fees netted from fund returns and fees the employer pays directly are outside it.
Across the filings on record, net assets went from $7.2M in 2016 to $3.93B in 2024 (up 54683%), and participants from 1,180 to 163,323 (up 13741%).
The independent accountant's opinion on the financial statements was unmodified (unqualified), from an audit whose scope was limited under ERISA section 103(a)(3)(C) to exclude investment information certified by a bank or insurer.
Compared with similar plans
| Measure | This plan | Same size | Same industry | All US DC plans |
|---|---|---|---|---|
| Net assets per participant | $24,074 | $62,774 | $73,951 | $53,102 |
| Employer contributions per active participant | $1,420 | $2,417 | $3,219 | $2,175 |
| Schedule C compensation per participant | $56.82 | $36.41 | $148 | $123 |
| Schedule C compensation, share of net assets | 0.24% | 0.07% | 0.22% | 0.26% |
| Administrative expenses per participant | $56.42 | $38.81 | $140 | $116 |
Peer columns are medians for plan year 2024 across defined contribution plans with 100 or more participants: 25,000 or more participants (608 plans), professional, scientific and technical services (9,776) and all US plans (63,460). Fee medians cover plans that report an amount.
Trend by plan year
| Plan year | Participants | Net assets | Per participant | Employer contributions | Participant contributions | Schedule C compensation |
|---|---|---|---|---|---|---|
| 2024 | 163,323 | $3.93B | $24,074 | $209M | $644M | $9.3M |
| 2023 | 111,130 | $2.94B | $26,480 | $190M | $595M | $9.9M |
| 2022 | 101,351 | $1.93B | $19,036 | $157M | $519M | $6.8M |
| 2021 | 76,078 | $1.67B | $21,917 | $94.0M | $348M | $6.1M |
| 2020 | 51,081 | $1.07B | $20,963 | $58.7M | $220M | $5.0M |
| 2019 | 35,447 | $588M | $16,577 | $35.2M | $135M | $2.7M |
| 2018 | 18,472 | $218M | $11,801 | $14.5M | $56.0M | $1.1M |
| 2017 | 6,547 | $62.5M | $9,547 | $4.8M | $14.2M | $222K |
| 2016 | 1,180 | $7.2M | $6,082 | $941K | $2.8M | $48K |
Years in which the plan filed the full Form 5500 with 100 or more participants, from 2009. Plan year is the year in which the plan year began.
Statement for the year
- Net assets, beginning of year$2,942,687,510
- Employer contributions$208,768,191
- Participant contributions$643,856,994
- Rollovers and other contributions$153,451,311
- Total contributions$1,006,076,496
- Total income, including investment results$1,469,270,695
- Benefits paid$453,741,814
- Administrative expenses$9,215,042
- Total expenses$464,959,721
- Net income$1,004,310,974
- Net transfers−$15,231,398
- Net assets, end of year$3,931,767,086
Participants
- Active participants147,007
- Retired or separated, receiving benefits6,175
- Retired or separated, entitled to future benefits10,141
- Participants with account balances96,206
- Total participants, end of year163,323
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Slavic Integrated Administration | Recordkeeping and information management; Participant loan processing; Participant communication | $3,622,859 | $0 |
| Empower Life & Annuity Insurance | Recordkeeping fees | $1,967,397 | $0 |
| Slavic Mutual Fund Management Corp. | Investment management | $1,955,215 | $0 |
| Justworkds Employment Group | Other fees | $949,206 | $0 |
| Justworks Employment Group LLC | Plan Administrator | $616,528 | $0 |
| Empower Advisory Group, LLC | Investment management | $98,820 | $0 |
| BKS Financial Investments LLC | Investment advisory (participants) | $70,000 | $0 |
Schedule C, Part I line 2: providers that received $5,000 or more, with the form's own service codes. Individuals named on Schedule C (plan employees, individual trustees) are never shown and their compensation is excluded. Eligible indirect compensation disclosed by formula carries no dollar amount. See how to read Schedule C fees.
Administrative expenses on Schedule H
- Contract administrator fees$9,051,168
- Other administrative expenses$163,874
- Total administrative expenses$9,215,042
Investment structure
Assets at year end by Schedule H category. The form shows the kind of vehicle holding the money, not the funds on the menu.
- Registered investment companies (mutual funds)$3.61B · 91.8%
- Insurance company general account$124M · 3.1%
- Other investments$104M · 2.6%
- Receivables$36.7M · 0.9%
- Cash (interest and non-interest bearing)$31.3M · 0.8%
- Participant loans$28.2M · 0.7%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)Yes
- Accounting firmUhy, LLP
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $5,000,000
- Blackout period during the yearNo
These are the plan administrator's own answers on Schedule H, Part IV. A reported late transmittal is the filer's disclosure of a timing lapse, usually corrected through the Department of Labor's voluntary program; the amount is the total involved, not a loss.
Plan characteristics
2AAge/service weighted or new comparability or similar plan2EProfit-sharing plan2FERISA section 404(c) plan2GTotal participant-directed account plan2JCode section 401(k) feature2KCode section 401(m) arrangement3DPre-approved pension plan2VMultiple-employer pension plan that is a Professional Employer Organization Plan (PEO Plan)
Codes entered on Form 5500 line 8a, with the labels from the official instructions. Business code 541214: Payroll Services.
Similar plans in New York
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| IBM 401(k) Plan | International Business Machines Corporation | 144,897 | $63.3B | $437,135 |
| Omnicom Group Retirement Savings Plan | Omnicom Group Inc. | 42,833 | $4.47B | $104,358 |
| The Savings and Investment Plan | WPP Group USA, Inc. | 41,591 | $4.71B | $113,260 |
| The Interpublic Group of Companies, Inc. Savings Plan | The Interpublic Group of Companies, Inc. | 37,524 | $4.07B | $108,565 |
| McKinsey & Company, Inc. (PSRP) Profit Sharing Retirement Plan | McKinsey & Company, Inc. | 35,298 | $9.81B | $277,927 |
| McKinsey & Company, Inc. (MPPP) Money Purchase Pension Plan | McKinsey & Company, Inc. | 29,024 | $2.15B | $74,147 |
Defined contribution plans in professional, scientific and technical services closest in size.
Questions and answers
How big is Justworks Retirement Savings Plan?
163,323 participants at the end of the plan year ending 31 Dec 2024, of whom 147,007 were active employees, with net assets of $3,931,767,086. Among defined contribution plans that places it in the 25,000 or more participants band, which held 608 plans in plan year 2024.
What does Justworks Employment Group, LLC contribute per participant?
The filing reports $208,768,191 in employer contributions for the year, which is $1,420 per active participant; the median for plans of the same type and size was $2,417 in plan year 2024. Form 5500 reports the total only. It does not state the match formula, and the per-participant figure is an average, not any one person's contribution.
What fees does the plan pay and how do they compare?
Schedule C reports $9,280,025 in compensation to service provider organisations, $56.82 per participant or 0.24% of net assets. The same-size median among plans reporting any Schedule C compensation was $36.41 per participant. Administrative expenses on Schedule H were $9,215,042. Investment costs deducted inside mutual funds and other pooled vehicles are not itemised on Form 5500, so these figures are a floor rather than a full cost.
Who runs the plan?
The sponsor is Justworks Employment Group, LLC. Recordkeeping or administration: Slavic Integrated Administration, Empower Life & Annuity Insurance and Justworks Employment Group LLC. Investment advisory or management: Slavic Mutual Fund Management Corp., Empower Advisory Group, LLC and BKS Financial Investments LLC. The financial statements were audited by Uhy, LLP. Form 5500 also names the plan administrator's signer and other individuals; this site publishes organisations only.
Was the audit opinion unqualified?
The filing reports an unmodified (unqualified) opinion from a limited-scope audit, in which the accountant did not audit investment information certified by a bank or insurance company. Unmodified (formerly "unqualified") is the standard clean opinion.
How current is this, and does it show my balance?
This is the Form 5500 for the plan year 1 Jan 2024 to 31 Dec 2024, received by the Department of Labor on 9 Dec 2025. Filings are due seven months after the plan year ends, or nine and a half with an extension, so the public record always runs a year or more behind. It contains plan-level totals only: no individual balances, contributions or names of participants exist in the data.
Provenance
Source: U.S. Department of Labor, Employee Benefits Security Administration, Form 5500 research files (Form 5500, Schedule H, Schedule C) for plan years 2009 to 2025, public domain, with filings received through 24 Aug 2026. This page shows the latest filing on record for EIN 46-2283648, plan 333, received 9 Dec 2025; an amended filing replaces it at the next build. Medians and percentiles are computed by this site; see the methodology. Report an error through corrections.