State Street Salary Savings Program
State Street Corporation · Boston, MA · EIN 042456637 · Plan 002 · Form 5500 for plan year 2024
What State Street put into the plan, per active participant
$8,239
State Street Corporation put $8,239 into this plan for each of its 11,992 active participants in plan year 2024. That is the whole employer side, matching money, profit sharing, non-elective and safe-harbor contributions and reallocated forfeitures together, because the Form 5500 reports them on one line, so it is not the match rate.
State Street put in more per active participant than 84% of plans with 5,000+ participants at holding companies. The middle plan in that group of 62 reported $4,209. Holding companies comes from business code 551111, which State Street Corporation entered on its own Form 5500. Sponsors pick that code themselves, so a code that does not describe what the employer does ranks the plan against the wrong companies.
What this figure cannot separate: how much State Street pays, and how much it puts in
This is dollars, not a rate. A Form 5500 carries no payroll, so the figure reflects both how much the employer puts in and how much the employer pays: two plans running the same formula report different amounts when one pays better. Crossing the peer group with industry holds most of that difference still, and none of it disappears.
This is one plan year, not an average. A true-up, a plan merger or a one-off contribution moves a single year on its own.
Source: Form 5500 filing for the plan year ended December 31, 2024, received by the DOL September 29, 2025 · DOL EFAST2 ↗
The $8,239 above is the Form 5500 figure for plan year 2024, and it counts every employer dollar on one line. State Street Corporation also files a Form 11-K, which states the match formula on its own for plan year 2025: the section below reads $2,970 a year at a $49,500 salary. That second figure is what the formula pays one worker on that salary, and not an amount either filing reports. The two figures cover different plan years and measure different things, so neither one is the other one corrected.
What the plan cost, per participant
$122.70
The plan paid $122.70 per participant in plan-paid administrative expenses in plan year 2024, more expensive than 90% of plans with 5,000+ participants. The middle plan of that size paid $54.84.
Why a plan this big pays less per person before anything else
Bigger plans pay less per head by construction, because the same negotiated bill divides across more people. That is why this ranking sits inside the plan's own size cohort and is never taken across all plans.
Schedule H reports only what came out of plan assets. Fees the sponsor pays directly, and fees taken inside fund expense ratios, never appear here, so this is a floor and not the all-in cost.
401(k) Monitor Score
61 out of 100
Where this plan stands against plans of its size and industry on two amounts its Form 5500 reports: employer money in per active person, and plan-paid cost per person. It reads no match formula, no vesting schedule and no fund lineup, because a Form 5500 states none of them.
- What the employer put in, per active participant: $8,239. Higher than 84% of plans with 5,000+ participants at holding companies.
- What the plan cost, per participant: $123. Cheaper than 10% of plans with 5,000+ participants.
On this page: the match and vesting terms · what to check next · every figure on the filing · fees itemised · the plans this one is ranked against · service providers
The match and vesting terms, from a Form 11-K
The match formula and the vesting schedule are stated in a Form 11-K, which is filed only by employers whose plan holds company stock. A Form 5500 reports neither.
What State Street puts in
$2,970
a year, at a $49,500 salary.
The match paragraph, word for word
“State Street provides for matching contributions to the Plan in amounts equal to 100% of the first 6% of the employee’s contributions. Employees must have one year of service to be eligible to receive matching contributions. They are immediately 100% vested in matching contributions once eligible.”
What you contribute to collect all of it
Contribute at least 6% of your pay to collect the full match.
That is $2,970 a year at a $49,500 salary, and it scales with your own.
Vesting score
100 out of 100
How fast the employer’s money becomes yours. Higher than 48% of the 253 schedules we have scored.
It measures vesting speed and nothing else. It says nothing about the size of the match, what the plan charges, or the funds inside it.
Share of the employer's money that is the worker's at hire and at each of the first 6 anniversaries: 100%, 100%, 100%, 100%, 100%, 100%, 100%. The score is the average of those 7 readings.
Vesting, word for word
“Participant pre-tax deferral contributions and Roth after-tax contributions are always fully vested upon contribution. Employees are immediately vested in the matching contributions.”
A worker hired today collects no match for 1 year. This is a filed term, and it does not move the score above.
Eligibility, word for word
“All employees of State Street and certain related companies (collectively, the "Company") are immediately eligible to participate in the Plan except for the following categories of employees: •Non-resident aliens with no U.S.-source income •Student interns and co-op employees •Union employees •Leased employees and independent contractors •Employees of a non-participating affiliated company •Employees of a participating employer who are not on the U.S. payroll”
The wait before the match starts and the year-end true-up appear above when the filing states them. Neither is part of the score, and a filing that is silent on one of them is not a plan without it.
What the plan costs, against plans of its size
90th percentile
$122.70 per participant in plan-paid administrative cost, more expensive than 90% of plans with 5,000+ participants.
The match, vesting and eligibility terms above are read from the Form 11-K filed by State Street Corporation, whose page states the full formula, the vesting schedule and the sentence behind each one.
What to check next
Collecting the whole match
State Street’s Form 11-K pays the whole match at 6% of pay, which is $2,970 a year at a $49,500 salary and scales with your own. Your payslip and your Fidelity NetBenefits ↗ account both show the rate you set. A rate below 6% collects less than the whole match.
That Form 11-K covers plan year 2025. The plan’s Summary Plan Description states the terms in force, and the plan administrator must provide it to participants on request.
What to ask about the fees
This plan paid $122.70 per participant out of plan assets, more than 90% of plans with 5,000+ participants, where the middle plan paid $54.84. The filing does not say what the difference buys. Two questions put that to a benefits or HR team: what the recordkeeping and administration contract costs, and how much of it comes out of participant accounts rather than being paid by State Street. The lines this total is made of are further down.
Your own numbers are not on this page
Every figure here is the whole plan for plan year 2024, taken from one filing and divided by headcounts. Your own contribution rate, your balance and the fees taken from your account are on your recordkeeper’s site, which this filing names as Fidelity NetBenefits ↗. What you may put in during a year is set by the IRS and not by the plan: this year’s limits ↗.
Key figures
| Total plan assets, end of year | $6,532,301,643 |
|---|---|
| Net assets | $6,531,617,802 |
| Participants, beginning of year | 21,964 |
| Of which active | 11,992 |
| Plan type | Single employer |
| Size cohortThe peer group we rank fees against. | 5,000+ participants |
| Employer share of the money that went in, plan year 2024The rest came from employees, who put in $163,121,552. The share falls when employees save more, so a plan whose staff contribute heavily reads lower here through no act of the employer. It is printed as a fact and it is not part of the score. | 38% |
Plan-paid administrative expenses
The plan paid $2,694,935 in administrative expenses in plan year 2024, across 21,964 participants: $122.70 per participant.
| Contract administrator fees | $0 |
|---|---|
| Professional fees | not reported in filing |
| Investment management fees | $0 |
| Other administrative fees | $0 |
These are plan-paid expenses from Schedule H only. Fees the sponsor pays directly, and fees embedded in fund expense ratios, never appear here. This figure is a floor, not the all-in cost, and a low number is not “free”.
The plans this one is ranked against
Fees on this page are ranked against the 5,000+ participant cohort, where the median plan pays $54.84 per participant. The sponsor files from Massachusetts, one of 1,958 plans on file there, at a median of $112.91 per participant. Its business code places the plan at holding companies, one of 643 on file, which run to a median of $106.24.
Plans of a similar size in Massachusetts
| Plan | Participants | Cost per participant |
|---|---|---|
| Massachusetts Institute Of Technology Supplemental 401(k) PlanMassachusetts Institute Of Technology | 26,851 | $29.84 |
| Massmutual Thrift PlanMassachusetts Mutual Life Insurance Company | 23,180 | $33.91 |
| Clean Harbors Savings And Retirement PlanClean Harbors Enviromental Services, Inc. | 21,786 | $56.23 |
| Bright Horizons 401(k) PlanBright Horizons Children's Centers LLC | 21,079 | $28.35 |
Service providers (Schedule C)
Recordkeeper: Fidelity Investments (as filed: “FIDELITY INVESTMENTS INSTITUTIONAL”)
10,593 plans on file name Fidelity Investments as their recordkeeper, at a median of $97.71 per participant.
| Provider | Service codes | Direct comp. ($) | Indirect comp. ($) |
|---|---|---|---|
| State Street Global Advisors | 51, 25 | 1,422,487 | not reported |
| Strategic Advisors, Inc. | 27 | 756,613 | not reported |
| Fidelity Investments Institutional | 65, 71, 64, 60 | 369,053 | 0 |
| Towers Watson Investment Services, | 16 | 174,174 | not reported |
| Ernst & Young US LLP | 10 | 67,500 | not reported |
| Newport Trust Company | 28 | 37,500 | not reported |
| Ropes And Gray LLP | 29 | 11,093 | not reported |
| Willis Towers Watson US LLC | 16 | 8,845 | not reported |
Useful links
- Find a 401(k) you left at an old job ↗
The DOL's Retirement Savings Lost & Found. Free and official.
- Look up this plan's full Form 5500 ↗
The DOL's own filing search. Search by plan or sponsor name.
- Download this plan's data (CSV) ↗
Every field on this page, one row, ready for a spreadsheet.
Source
| Dataset | DOL EFAST2 Form 5500 bulk data (FOIA) |
|---|---|
| Form year | 2024 |
| Filing ACK_ID | 20250929100558NAL0012035056001 |
| Dataset last refreshed | July 28, 2026 |
Bulk dataset at askebsa.dol.gov ↗ · Look up the filing on EFAST2 ↗
Filings lag by design: a plan can file up to 9½ months after its year ends, so this is the newest data on file. Why filings lag
Cite this page
401(k) Monitor, "State Street Salary Savings Program: Form 5500 facts", from DOL EFAST2 filing 20250929100558NAL0012035056001, plan year ended December 31, 2024. 401(k) Monitor Score 61 out of 100 (exact value 61.46).