Magic Leap, Inc. 401(k) Review & Grade
Magic Leap Inc. 401(k) Plan
Plantation, FLProfessional, Scientific & Technical Services965 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$7,631Employer $ per active participant
$16,328Employee $ saved per active participant
0.18%Direct admin cost, % of plan assets
$183.9MNet plan assets, end of year
$135,443Average balance per account
Score breakdown
- Employer generosity42.8 / 5086th percentile for employer $ per participant
- Low cost14.4 / 2558th percentile for low admin cost vs. same-size plans
- Employee saving14.0 / 1593th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score71 / 100 · Grade B
This plan vs. peers
Peers: Professional, Scientific & Technical Services plans with 500–2,499 active participants (1,469 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 86th |
| Lower admin cost | 58th |
| Employee saving | 93th |
| Peers that auto-enroll | 48% |
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Red flags from the filing
Corrective distributions: the plan refunded $3,596 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Magic Leap put in about $7,631 per active participant, more than the typical peer ($3,082). 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 | $7,364,297 |
| Participant (employee) contributions | $15,756,687 |
| Other contributions (incl. rollovers in) | $732,243 |
| Administrative expenses paid from the plan | $299,665 |
| Contract administrator fees | $296,615 |
| Other admin expenses | $3,050 |
| Benefits paid out | $11,557,426 |
| Net assets, start / end of year | $148.2M / $183.9M |
| Active participants, start / end of year | 1,027 / 903 |
| Participants with account balances | 1,358 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Cohnreznick |
Largest service providers (Schedule C)
| Voya Retirement Insurance & Annuity | $299,665 reported compensation |
| NFP Retirement Inc | $73,333 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251013161309NAL0000818419001, received 2025-10-13, EIN 45-3243237, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.