Texas › Finance and insurance › 25,000 or more participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
Schwabplan Retirement Savings and Investment Plan
Sponsored by The Charles Schwab Corporation, Westlake, TX
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.
Schwabplan Retirement Savings and Investment Plan is an ESOP with a 401(k) feature sponsored by The Charles Schwab Corporation of Westlake, Texas. For the plan year ending 31 Dec 2024 it reported 43,502 participants, 32,145 of them active, and net assets of $8.93B.
Net assets came to $205,327 per participant, well above the $62,774 median for defined contribution plans with 25,000 or more participants and well above the $92,294 median for defined contribution plans in finance and insurance. 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 $218M during the year, or $6,786 per active participant against a same-size median of $2,417; participants contributed $419M and $52.0M arrived as rollovers and other contributions. Benefits paid out totalled $797M.
Schedule C lists 15 service provider organisations paid $5,000 or more, with reported compensation of $4.5M: $104 per participant, well above the same-size median of $36.41. Administrative expenses charged to the plan were $4.4M. 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 $1.90B in 2009 to $8.93B in 2024 (up 371%), and participants from 16,980 to 43,502 (up 156%).
The independent accountant's opinion on the financial statements was unmodified (unqualified).
Compared with similar plans
| Measure | This plan | Same size | Same industry | All US DC plans |
|---|---|---|---|---|
| Net assets per participant | $205,327 | $62,774 | $92,294 | $53,102 |
| Employer contributions per active participant | $6,786 | $2,417 | $3,564 | $2,175 |
| Schedule C compensation per participant | $104 | $36.41 | $137 | $123 |
| Schedule C compensation, share of net assets | 0.05% | 0.07% | 0.17% | 0.26% |
| Administrative expenses per participant | $100 | $38.81 | $130 | $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), finance and insurance (4,391) 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 | 43,502 | $8.93B | $205,327 | $218M | $419M | $4.5M |
| 2023 | 44,441 | $7.95B | $178,904 | $233M | $429M | $3.7M |
| 2022 | 43,523 | $6.62B | $152,164 | $216M | $382M | $3.3M |
| 2021 | 40,202 | $7.47B | $185,874 | $187M | $328M | $3.1M |
| 2020 | 37,925 | $6.18B | $162,846 | $132M | $232M | $2.0M |
| 2019 | 25,884 | $4.37B | $168,917 | $117M | $205M | $2.3M |
| 2018 | 24,390 | $3.59B | $146,992 | $104M | $181M | $2.3M |
| 2017 | 22,256 | $3.82B | $171,848 | $92.2M | $158M | $2.6M |
| 2016 | 20,591 | $3.25B | $157,908 | $82.5M | $144M | $3.0M |
| 2015 | 19,721 | $2.92B | $148,284 | $77.3M | $171M | $3.0M |
| 2014 | 18,168 | $2.88B | $158,476 | $65.9M | $140M | $2.6M |
| 2013 | 16,272 | $2.70B | $165,665 | $63.8M | $131M | $2.2M |
| 2012 | 18,099 | $2.08B | $114,791 | $58.0M | $112M | $2.2M |
| 2011 | 17,816 | $1.81B | $101,767 | $53.3M | $105M | $2.4M |
| 2010 | 17,658 | $2.00B | $113,095 | $50.1M | $99.2M | $133K |
| 2009 | 16,980 | $1.90B | $111,729 | $48.9M | $97.1M | $131K |
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$7,950,669,667
- Employer contributions$218,128,123
- Participant contributions$419,375,550
- Rollovers and other contributions$51,984,801
- Total contributions$689,488,474
- Total income, including investment results$1,782,788,299
- Benefits paid$796,932,612
- Administrative expenses$4,368,440
- Total expenses$801,340,361
- Net income$981,447,938
- Net transfers$0
- Net assets, end of year$8,932,117,605
Participants
- Active participants32,145
- Retired or separated, receiving benefits0
- Retired or separated, entitled to future benefits11,188
- Participants with account balances43,060
- Total participants, end of year43,502
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Schwab Retirement Plan Services | Recordkeeping and information management; Investment advisory (participants) | $2,750,314 | $0 |
| Charles Schwab & Co., Inc. | Securities brokerage | $319,890 | $0 |
| Creative Planning LLC | Investment advisory (participants) | $130,966 | $0 |
| Mariner LLC | Investment advisory (participants) | $121,513 | $0 |
| Envestnet Asset Management Inc. | Investment advisory (participants) | $112,782 | $0 |
| Main Street Research LLC | Investment advisory (participants) | $62,562 | $0 |
| Douglas Lane & Associates LLC | Investment advisory (participants) | $49,416 | $0 |
| JMG Financial Group Ltd. | Investment advisory (participants) | $48,419 | $0 |
| Cookson Peirce & Co. Inc. | Investment advisory (participants) | $38,673 | $0 |
| Corient Private Wealth LLC | Investment advisory (participants) | $37,260 | $0 |
| Hightower Advisors LLC | Investment advisory (participants) | $35,516 | $0 |
| At Investment Advisers Inc. | Investment advisory (participants) | $35,059 | $0 |
Schedule C, Part I line 2: providers that received $5,000 or more, with the form's own service codes. 3 smaller rows are not shown. 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
- Investment advisory and management fees$4,104,122
- Recordkeeping fees$264,318
- Total administrative expenses$4,368,440
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)$5.67B · 63.5%
- Other investments$2.20B · 24.6%
- Employer securities$626M · 7.0%
- Cash (interest and non-interest bearing)$334M · 3.7%
- Participant loans$101M · 1.1%
- Receivables$1.6M · 0.0%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- Accounting firmDeloitte & Touche LLP
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $40,000,000
- 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
2EProfit-sharing plan2FERISA section 404(c) plan2GTotal participant-directed account plan2JCode section 401(k) feature2KCode section 401(m) arrangement2RParticipant-directed brokerage accounts provided as an investment option under the plan2S401(k) plan or 403(b) plan that provides for automatic enrollment2TTotal or partial participant-directed account plan with a default investment account2OESOP other than a leveraged ESOP3FPlan sponsor(s) received services of leased employees3JU.S.-based plan that covers residents of Puerto Rico and is qualified under both codes
Codes entered on Form 5500 line 8a, with the labels from the official instructions. Business code 523120: Securities Brokerage.
Similar plans in Texas
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| The 401(k) Plan | Health Care Service Corporation | 46,212 | $3.92B | $84,744 |
| Corebridge Financial, Inc. Retirement Savings 401(k) Plan | Corebridge Financial, Inc. | 12,267 | $2.84B | $231,494 |
| USAA Retirement Savings Plan | United Services Automobile Association | 53,564 | $10.9B | $203,611 |
| Comerica Incorporated Preferred Savings Plan | Comerica Incorporated | 11,287 | $1.97B | $174,780 |
| GM Financial Employees 401(k) Plan | General Motors Financial Company, Inc. | 8,348 | $1.06B | $126,814 |
| Nationstar Mortgage 401(k) Retirement Plan | Mr. Cooper Group Inc. | 8,335 | $604M | $72,445 |
Defined contribution plans in finance and insurance closest in size.
Questions and answers
How big is Schwabplan Retirement Savings and Investment Plan?
43,502 participants at the end of the plan year ending 31 Dec 2024, of whom 32,145 were active employees, with net assets of $8,932,117,605. 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 The Charles Schwab Corporation contribute per participant?
The filing reports $218,128,123 in employer contributions for the year, which is $6,786 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 $4,521,986 in compensation to service provider organisations, $104 per participant or 0.05% 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 $4,368,440. 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 The Charles Schwab Corporation. Recordkeeping or administration: Schwab Retirement Plan Services. Investment advisory or management: Schwab Retirement Plan Services, Creative Planning LLC and Mariner LLC. The financial statements were audited by Deloitte & Touche 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. 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 13 Nov 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 94-3025021, plan 002, received 13 Nov 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.