Carmax, Inc. 401(k) Review & Grade
Carmax, Inc. Retirement Savings Plan
Richmond, VARetail Trade29,346 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$2,427Employer $ per active participant
$3,429Employee $ saved per active participant
0.06%Direct admin cost, % of plan assets
$1.8BNet plan assets, end of year
$80,782Average balance per account
Score breakdown
- Employer generosity47.6 / 5095th percentile for employer $ per participant
- Low cost15.8 / 2563th percentile for low admin cost vs. same-size plans
- Employee saving13.3 / 1589th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score80 / 100 · Grade A
This plan vs. peers
Peers: Retail Trade plans with 10,000+ active participants (124 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 95th |
| Lower admin cost | 63th |
| Employee saving | 89th |
| Peers that auto-enroll | 32% |
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Red flags from the filing
No red flags were reported on this filing's compliance questions.
What to do if you're in this plan
- Carmax put in about $2,427 per active participant, more than the typical peer ($689). Contribute at least enough to collect the full match. Skipping it leaves part of your pay on the table.
- The filing shows total dollars, not the match formula. Ask HR for the Summary Plan Description so you know the exact match and vesting schedule.
- Fund expense ratios aren't in the filing. Look them up in your 404(a)(5) fee disclosure and favor low-cost index or target-date funds.
- Changing jobs? You can usually leave the money in the plan, move it to your new employer's plan, or roll it into an IRA. Don't cash out: you'd owe taxes and possibly a 10% penalty.
The raw numbers from the filing
| Employer contributions | $71,211,893 |
| Participant (employee) contributions | $100,631,354 |
| Other contributions (incl. rollovers in) | $7,933,276 |
| Administrative expenses paid from the plan | $1,042,836 |
| Investment advisory & management fees | $17,399 |
| Other admin expenses | $11,882 |
| Benefits paid out | $124,011,520 |
| Net assets, start / end of year | $1.5B / $1.8B |
| Active participants, start / end of year | 29,683 / 29,008 |
| Participants with account balances | 22,441 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Forvis Mazars, LLP |
Largest service providers (Schedule C)
| T Rowe Price RPS Inc | $989,355 reported compensation |
| Forvis Mazars, LLP | $24,200 reported compensation |
| Morningstar | $17,399 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251009131326NAL0003600067001, received 2025-10-09, EIN 54-1821055, plan #003, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.