Brex Inc. 401(k) Review & Grade
Brex 401(k) Plan
San Francisco, CAFinance & Insurance788 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$15Employer $ per active participant
$13,555Employee $ saved per active participant
0.08%Direct admin cost, % of plan assets
$66.7MNet plan assets, end of year
$59,821Average balance per account
Score breakdown
- Employer generosity1.0 / 502th percentile for employer $ per participant
- Low cost19.5 / 2578th percentile for low admin cost vs. same-size plans
- Employee saving13.0 / 1587th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score31 / 100 · Grade D
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 2th |
| Lower admin cost | 78th |
| Employee saving | 87th |
| Peers that auto-enroll | 62% |
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Red flags from the filing
Late deposits: the filing says some employee contributions were not sent to the plan on time ($4,544 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $488 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Brex put in about $15 per active participant, below the typical peer ($3,606). Any match is still an instant return, so contribute enough to get all of it.
- 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.
- The plan auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- The plan reported late deposits of employee contributions. Compare your pay stubs with your account statements, and contact the plan administrator if money shows up late.
- 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 | $11,657 |
| Participant (employee) contributions | $10,681,723 |
| Other contributions (incl. rollovers in) | $2,756,897 |
| Administrative expenses paid from the plan | $52,316 |
| Investment advisory & management fees | $5,820 |
| Benefits paid out | $13,253,835 |
| Net assets, start / end of year | $57.2M / $66.7M |
| Active participants, start / end of year | 926 / 650 |
| Participants with account balances | 1,115 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Holthouse Carlin & Van Trigt LLP |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $33,277 reported compensation |
| Marcumllp | $13,219 reported compensation |
| Strategic Advisors, Inc. | $5,820 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251002113201NAL0000310147001, received 2025-10-02, EIN 32-0517957, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.