Southwest Airlines Pilots Retirement Savings Plan: Charles Schwab
Southwest Airlines Company · Irving, TX · EIN 741563240 · Plan 003 · Form 5500 for plan year 2024
Charles Schwab is the recordkeeper named on this filing, the company that keeps the account records for this plan. Where to log in, and who to call.
This is a pooled multiple-employer plan, so its participant and asset totals span many unrelated employers.
What Southwest Airlines put into the plan, per active participant
$43,037
Southwest Airlines Company put $43,037 into this plan for each of its 11,679 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. This filing covers many unrelated employers under one plan, so the figure is an average across all of them rather than one employer's behaviour.
It is kept out of every peer group and takes no score.
What this figure cannot separate: how much Southwest Airlines 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 October 13, 2025 · Read the filing (PDF) ↗
What the plan cost, per participant
$612.07
The plan paid $612.07 per participant in plan-paid administrative expenses in plan year 2024, more expensive than 100% 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
Not scored
This is a pooled plan covering many unrelated employers, so its figures are averages across a client book. It takes no score, and it is kept out of every peer group so that it does not move anybody else's standing.
It keeps whichever of the two it does report, above. Nothing is filled in from an average, from another year or from another plan, because a two-part score computed on one part is a different measure wearing the same name.
What the score would read, on a filing that carries both: 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.
On this page: who holds your account · where the match terms are stated · what to check next · every figure on the filing · late deposits · fees itemised · the plans this one is ranked against · service providers
Who holds your account
Schedule C of this filing reports Charles Schwab, filed as “SCHWAB RETIREMENT PLAN SERVICES,INC”. That is the company paid to keep the account records: what is in an account, what went into it, and usually the site a participant signs in to. The trustee that holds the plan’s assets can be a different company, and this filing does not name it.
769 plans on file name Charles Schwab as their recordkeeper, at a median of $127.09 per participant.
Participants log in at Schwab Workplace ↗. 401(k) Monitor is not affiliated with Charles Schwab or with any other recordkeeper, and takes nothing for this link. It is here because that is where the account is.
| Recordkeeper | Charles Schwab |
|---|---|
| Recordkeeper EINThe provider's own employer identification number, as the filing states it. | 341479833 |
| Plan sponsor telephoneThe number Southwest Airlines Company filed on the Form 5500. It reaches the employer, not the recordkeeper. | (214) 722-4251 |
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 Southwest Airlines puts in
Not in public filings for this employer
We have no SEC Form 11-K for this employer, and the Form 5500 this page is built from does not report match terms.
Two places state the terms in full: your plan’s Summary Plan Description, which your employer must provide on request, and your recordkeeper’s site, which for this plan is Schwab Workplace ↗.
What you contribute to collect all of it
Not in public filings for this employer
The rate that collects the full match is part of the match formula, which a Form 5500 does not report.
Vesting score
Not scored
The vesting schedule is stated in a Form 11-K, and we have none for this employer.
A schedule this cannot read at whole-year anniversaries is left without a number rather than given a middle one.
What the plan costs, against plans of its size
100th percentile
$612.07 per participant in plan-paid administrative cost, more expensive than 100% of plans with 5,000+ participants.
What to check next
This filing is not about one employer
One Form 5500 covers many unrelated employers here, so every figure on this page is an average across all of them. The match, the vesting schedule and the fees that apply to one worker are set by that worker’s own employer, and none of the three is stated in this filing.
What to ask about the fees
This plan paid $612.07 per participant out of plan assets, more than 100% 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 Southwest Airlines. 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 Schwab Workplace ↗. 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 | $11,622,763,375 |
|---|---|
| Net assets | $11,622,763,375 |
| Participants, beginning of year | 12,645 |
| Of which active | 11,679 |
| Plan type | Multiple employer |
| Size cohortThe peer group we rank fees against. | 5,000+ participants |
| Automatic enrollmentForm 5500 line 8a, code 2S: “Plan provides for automatic enrollment in plan that has elective contributions deducted from payroll.” The box says the plan has the feature and nothing more. The Form 5500 carries no default contribution rate, no escalation schedule and no count of who was enrolled, so none of those is stated here. | Ticked on this filing |
| How the filing meets the 401(k) nondiscrimination rules, plan year 2024Schedule R part VII, as ticked. The rule compares what the higher-paid put in with what everyone else puts in, and the boxes say which method the plan used for this year. A plan can tick a different box next year, so this is an answer for one year, not a label. | Design-based safe harbor |
| Employer share of the money that went in, plan year 2024The rest came from employees, who put in $242,271,134. 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. | 67% |
Late deposits of employee contributions
Schedule H line 4a of this filing is answered no: it reports no money withheld from participants’ pay that reached the plan later than the law allows, for plan year 2024.
The line is answered by the employer about its own plan and nobody checks it here, so a no is an answer rather than a clean bill of health. 13,904 of the 55,904 plans that answered this line answered yes.
Plan-paid administrative expenses
The plan paid $7,739,627 in administrative expenses in plan year 2024, across 12,645 participants: $612.07 per participant.
| Contract administrator fees | $468,894 |
|---|---|
| Professional fees | not reported in filing |
| Investment management fees | $6,898,898 |
| Other administrative fees | not reported in filing |
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 Texas, one of 4,254 plans on file there, at a median of $107.93 per participant. Its business code places the plan in transportation and logistics, one of 1,926 on file, which run to a median of $95.71.
Plans of a similar size in Texas
| Plan | Participants | Cost per participant |
|---|---|---|
| One Elara Retirement PlanBw Nhhc Holdco Inc., Dba Elara Caring | 13,056 | $42.93 |
| The Daikin 401(k) PlanDaikin Comfort Technologies Manufacturing, L.P. | 13,043 | $58.90 |
| Jbp Co., Inc. 401(k) Savings PlanJ.B Poindexter & Co., Inc. | 12,632 | $44.99 |
| Srs Distribution Inc. 401(k) PlanSrs Distribution Inc. | 12,417 | $66.81 |
Service providers (Schedule C)
| Provider | Service codes | Direct comp. ($) | Indirect comp. ($) |
|---|---|---|---|
| Smith Anglin Financial LLC | 50, 26 | 1,993,618 | not reported |
| Leading Edge | 50, 26 | 1,096,729 | not reported |
| Fisher Investments | 50, 26 | 716,470 | not reported |
| Total Investment Management In | 50, 26 | 521,575 | not reported |
| Schwab Retirement Plan Services,Inc. | 50, 64, 15 | 371,728 | not reported |
| Mountain Capital Investment Ad | 50, 26 | 301,994 | not reported |
| Symphony Risk Solutions, LLC | 50, 28 | 258,306 | not reported |
| Charles Schwab And Co.,Inc. | 72, 62, 71, 59, 99, 50, 33 | 206,048 | 0 |
| Act Wealth Management LLC | 50, 26 | 194,716 | not reported |
| Callan Associates Inc. | 50, 28 | 19,000 | not reported |
| Hamilton Capital LLC | 50, 26 | 121,583 | not reported |
| Creative Planning LLC | 50, 26 | 95,532 | not reported |
| Prudent Man Investment Managem | 50, 26 | 93,933 | not reported |
| Stonebridge Capital Advisors L | 50, 26 | 93,214 | not reported |
| Symphony Financial Ltd. Co | 50, 26 | 80,713 | not reported |
| Allworth Financial Lp | 50, 26 | 62,003 | not reported |
| White Wing Wealth Management L | 50, 26 | 47,752 | not reported |
| Arista Wealth Management LLC | 50, 26 | 44,370 | not reported |
| Brinker Capital Investments Ll | 50, 26 | 42,761 | not reported |
| Abound Wealth Management LLC | 50, 26 | 42,393 | not reported |
| Beacon Pointe Advisors LLC | 50, 26 | 41,754 | not reported |
| Two West Capital Advisors LLC | 50, 26 | 38,012 | not reported |
| Texas Bank And Trust Company | 50, 26 | 36,294 | not reported |
| Capital Advisors Inc. | 50, 26 | 35,474 | not reported |
| Providence Asset Mgmt LLC | 50, 26 | 35,400 | not reported |
| Hightower Advisors LLC | 50, 26 | 35,133 | not reported |
| Avion Wealth LLC | 50, 26 | 34,213 | not reported |
| J V Bruni And Company | 50, 26 | 34,125 | not reported |
| Financial Engines Advisors LLC | 50, 26 | 33,720 | not reported |
| Envestnet Asset Management Inc. | 50, 26 | 31,241 | not reported |
| Signature Investment Advisors | 50, 26 | 31,225 | not reported |
| Bip Wealth LLC | 50, 26 | 29,771 | not reported |
| Independent Financial Partners | 50, 26 | 28,715 | not reported |
| Clear Sky Financial Lp | 50, 26 | 28,330 | not reported |
| Wealthpoint Advisors LLC | 50, 26 | 27,494 | not reported |
| Laurelhurst Asset Management L | 50, 26 | 23,964 | not reported |
| Cap Partners LLC | 50, 28 | 23,429 | not reported |
| Prosperitas Financial LLC | 50, 26 | 22,024 | not reported |
| Hhm Wealth Advisors LLC | 50, 26 | 21,630 | not reported |
| Compass Financial Mgmt LLC | 50, 26 | 21,485 | not reported |
| Morningstar Investment Service | 50, 26 | 21,260 | not reported |
| Zwj Investment Counsel Inc. | 50, 26 | 21,006 | not reported |
| Weaver And Tidwell LLP | 50, 28 | 20,600 | not reported |
| Whalen Wealth Management Inc. | 50, 26 | 20,091 | not reported |
| Purpose Comprehensive Wealth | 50, 26 | 19,724 | not reported |
| Aviator Financial Consulting L | 50, 26 | 19,419 | not reported |
| Kingsview Wealth Management Ll | 50, 26 | 18,195 | not reported |
| Cetera Investment Advisers LLC | 50, 26 | 18,112 | not reported |
| Regal Investment Advisors LLC | 50, 26 | 17,344 | not reported |
| Summit Global Investments LLC | 50, 26 | 17,193 | not reported |
| Access Wealth Management Inc. | 50, 26 | 16,654 | not reported |
| Corient Private Wealth LLC | 50, 26 | 15,775 | not reported |
| Flexible Plan Investments Ltd | 50, 26 | 15,634 | not reported |
| Diamond Head Financial Advisor | 50, 26 | 15,077 | not reported |
| Johnson Wealth Inc. | 50, 26 | 14,918 | not reported |
| Invest Smart USA Inc. | 50, 26 | 14,719 | not reported |
| Woodley Farra Manion Portfolio | 50, 26 | 14,347 | not reported |
| Eubel Brady & Suttman Asset Ma | 50, 26 | 14,241 | not reported |
| Farnam Financial LLC | 50, 26 | 14,000 | not reported |
| Brookwood Investment Group LLC | 50, 26 | 13,893 | not reported |
| Rcs Financial Planning LLC | 50, 26 | 12,874 | not reported |
| Private Management Group Inc. | 50, 26 | 12,716 | not reported |
| Madison Partners | 50, 26 | 12,654 | not reported |
| Mai Capital Management LLC | 50, 26 | 12,439 | not reported |
| Krane Financial Solutions LLC | 50, 26 | 12,350 | not reported |
| Perigon Wealth Management LLC | 50, 26 | 12,111 | not reported |
| Advisory Services Network LLC | 50, 26 | 12,032 | not reported |
| Diversify Wealth Management Ll | 50, 26 | 11,891 | not reported |
| Dynasty Wealth Management LLC | 50, 26 | 11,219 | not reported |
| Lpl Financial LLC | 50, 26 | 11,017 | not reported |
| Kondracki Advisory LLC | 50, 26 | 10,463 | not reported |
| Van Hulzen Asset Management | 50, 26 | 10,453 | not reported |
| Envision Financial Services & | 50, 26 | 10,333 | not reported |
| Transform Wealth LLC | 50, 26 | 10,149 | not reported |
| Harvard Avenue Consultants LLC | 50, 26 | 10,032 | not reported |
| Islamorada Investment | 50, 26 | 9,996 | not reported |
| Waterloo Capital Lp | 50, 26 | 9,961 | not reported |
| Maloon Powers Pitre & Higgins | 50, 26 | 9,113 | not reported |
| Avidian Wealth Enterprises LLC | 50, 26 | 8,641 | not reported |
| Asset Strategy Advisors LLC | 50, 26 | 8,477 | not reported |
| Webb Financial Group LLC | 50, 26 | 8,168 | not reported |
| Axxcess Wealth Management LLC | 50, 26 | 8,143 | not reported |
| Trajan Wealth LLC | 50, 26 | 7,937 | not reported |
| Westwind Capital | 50, 26 | 7,910 | not reported |
| Stratos Wealth Advisors LLC | 50, 26 | 7,858 | not reported |
| Falcon Wealth Planning Inc. | 50, 26 | 7,775 | not reported |
| Clark Wealth Partners LLC | 50, 26 | 7,707 | not reported |
| Fpc Investment Advisory Inc. | 50, 26 | 7,333 | not reported |
| Cortland Associates, Inc. | 50, 26 | 7,110 | not reported |
| Steelpeak Wealth LLC | 50, 26 | 6,886 | not reported |
| Allied Investment Advisors LLC | 50, 26 | 6,805 | not reported |
| Carlton Hofferkamp And Jenks W | 50, 26 | 6,369 | not reported |
| Gladstone Institutional Adviso | 50, 26 | 6,261 | not reported |
| Acr Alpine Capital Research Ll | 50, 26 | 5,927 | not reported |
| Mccartney Wealth Management Ll | 50, 26 | 5,836 | not reported |
| Prime Capital Investment Advis | 50, 26 | 5,500 | not reported |
| D.S. Brown Wealth Advisors LLC | 50, 26 | 5,487 | not reported |
| Berkshire Money Management Inc. | 50, 26 | 5,413 | not reported |
| O'Hagan Group Inc. | 50, 26 | 5,406 | not reported |
| Smartx Advisory Solutions LLC | 50, 26 | 5,197 | not reported |
Useful links
- Find a 401(k) you left at an old job ↗
The DOL's Retirement Savings Lost & Found. Free and official.
- Read this plan's Form 5500 as filed (PDF) ↗
The document every figure above was read from, served by the DOL. Acknowledgement ID 20251013093926NAL0001622304001.
Source
Everything this page reports about the plan itself was read from one document: the Form 5500 annual return that Southwest Airlines Company filed with the US Department of Labor for the plan year ended December 31, 2024. Nothing here is estimated, modelled or supplied by the employer to this site.
Where the page compares this plan with others, the comparison is computed from the same Form 5500 release across the peer group each figure names. The filing is below, and the identifiers under it find it again without this page.
Read the filing as submitted (PDF, dol.gov) ↗
| Document | Form 5500 annual return for plan year 2024 |
|---|---|
| Filed with | US Department of Labor, EBSA (through EFAST2) |
| Filed byAs spelled on the filing | SOUTHWEST AIRLINES COMPANY |
| Employer EIN | 741563240 |
| Plan number | 003 |
| Filing ACK_ID | 20251013093926NAL0001622304001 |
| Received by the DOL | October 13, 2025 |
| Bulk dataset | DOL EFAST2 Form 5500 bulk data (FOIA) |
| Dataset last refreshed | July 28, 2026 |
Bulk dataset at askebsa.dol.gov ↗ · Search EFAST2 by EIN and plan number ↗
401(k) Monitor is not affiliated with Southwest Airlines Company, with the Department of Labor or with this plan’s recordkeeper, and publishes this page without their involvement. It republishes a public filing and says where it came from.
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, "Southwest Airlines Pilots Retirement Savings Plan: Form 5500 facts", from DOL EFAST2 filing 20251013093926NAL0001622304001, plan year ended December 31, 2024.
