Simplisafe, Inc. 401(k) Review & Grade
Simplisafe 401(k) Plan
Boston, MARetail Trade1,150 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$3,407Employer $ per active participant
$7,095Employee $ saved per active participant
0.40%Direct admin cost, % of plan assets
$55.3MNet plan assets, end of year
$53,674Average balance per account
Score breakdown
- Employer generosity48.1 / 5096th percentile for employer $ per participant
- Low cost7.6 / 2531th percentile for low admin cost vs. same-size plans
- Employee saving14.3 / 1595th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score73 / 100 · Grade B
This plan vs. peers
Peers: Retail Trade plans with 500–2,499 active participants (719 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 96th |
| Lower admin cost | 31th |
| Employee saving | 95th |
| Peers that auto-enroll | 48% |
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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
- Simplisafe put in about $3,407 per active participant, more than the typical peer ($743). 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.
- Direct plan expenses (0.40% of assets) are well above similar-size plans (0.23%). Check your annual fee disclosure, choose low-cost index funds if you can, and think about whether savings beyond the match belong in an IRA.
- 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 | $3,918,271 |
| Participant (employee) contributions | $8,158,980 |
| Other contributions (incl. rollovers in) | $1,878,870 |
| Administrative expenses paid from the plan | $187,008 |
| Investment advisory & management fees | $64,200 |
| Benefits paid out | $3,613,783 |
| Net assets, start / end of year | $38.4M / $55.3M |
| Active participants, start / end of year | 1,155 / 1,145 |
| Participants with account balances | 1,031 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Whitley Penn LLP |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company | $122,808 reported compensation |
| The Hays Financial Group, LLC | $45,658 reported compensation |
| Empower Advisory Group, LLC | $18,853 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014075450NAL0002359409001, received 2025-10-14, EIN 20-5367003, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.