Apple 401(k) Plan
Officially: APPLE 401(K) PLAN
The Apple 401(k) Plan covered 101,217 active participants at the end of the 2024 plan year and held approximately $24.7 billion in net assets, making it one of the largest single-employer defined contribution plans in the United States. Effective January 1, 2024, the plan transitioned its trustee from Empower Trust Company to Fidelity Management Trust Company and its recordkeeper from Empower Retirement to Fidelity Workplace Services, with about $19.7 billion in assets transferred during a blackout period that ran from late December 2023 into January 2024. The investment lineup pairs separately managed accounts for active U.S. equity (Barrow Hanley large cap value and William Blair small/mid cap growth) with a broad set of Vanguard, BlackRock, Fidelity, and other collective investment trusts, a Galliard-managed stable value fund, the BlackRock Global LifePath Index target date series as the qualified default investment alternative, and a self-directed brokerage window.
By Zac Murphy, CFA charterholder and CFP professional. Published June 9, 2026. Verified against Form 5500 plan year 2024.
Get a personalized look at your Apple 401(k) options
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Fund lineup
Your plan includes a self-directed brokerage window
A self-directed brokerage window is a feature within your 401(k) plan that lets you invest a portion of your balance outside the standard fund menu, into individual stocks, ETFs, or a broader universe of mutual funds. The brokerage window is a separate sleeve within your plan, but money held there remains inside your 401(k) and retains its tax treatment.
Who uses it
- Participants who want exposure beyond the plan's core menu, such as specific sector ETFs, individual stocks, or low-cost index funds not offered in the menu.
- Participants who want to consolidate the management of their 401(k) alongside other investment accounts.
- Participants with meaningful balances who want more direct control over allocation.
- Self-directed accounts can be actively managed by the participant directly, or by an advisor if the participant chooses to work with one.
Important considerations
- Additional costs. Brokerage windows often carry additional fees, and trading commissions vary by provider and security type.
- Allocation limits. Many plans cap the percentage of your balance that can be moved into the brokerage sleeve. Some require a minimum balance in the core menu.
- Plan rules still apply. Loan and distribution rules, vesting schedules, and contribution limits are unchanged. The brokerage window changes what you can invest in, not the underlying retirement account rules.
- Confirm details with your plan administrator. The specifics of your plan's brokerage window, including which securities are eligible and any account-level fees, are governed by your plan documents.
Why our allocations use only index funds
The actively managed funds in this plan cost more per year than the plan's index funds, which run roughly 0.02% to 0.06%. Decades of research on long-term active fund performance do not support reliable outperformance net of fees, which is why the allocation ideas below may consider using only the low-cost index options.
Employer match
Estimates assume a constant salary and the match formula shown above. Your actual match depends on your plan's exact terms.
The cost of contributing only --%
On a $60,000 salary, contributing just half the match threshold would leave about -- in employer match unclaimed each year. Invested over 20 years at a hypothetical 7% annual return, that forgone match could have grown to roughly -- (a hypothetical illustration, not a projection). The match is the highest-return contribution you will make all year.
Sources
- Plan metadata (employer, participants, assets, plan year): Form 5500 annual return/report, plan year 2024 -- view filing
- Summary Plan Description (SPD) and fee disclosure (404a-5), where available from the plan administrator.
This page is for educational purposes only and does not constitute investment, tax, or legal advice, nor a recommendation to buy or sell any security. Information is drawn from public Form 5500 filings and plan documents and may be incomplete or out of date. You may consider consulting a qualified professional and confirming all details with your plan administrator before making decisions. Waterfall Planning is not affiliated with Apple.
Find your risk profile
Answer 13 questions to see which allocation fits your situation.
Risk assessment methodology based on Grable, J. E., & Lytton, R. H. (1999). Financial risk tolerance revisited: The development of a risk assessment instrument. Financial Services Review, 8, 163-181.
Allocation ideas
Five sample mixes built from this plan's funds, from conservative to growth. Take the assessment above to see which one fits your risk profile.
Capital preservation with minimal market exposure, built from bonds and stable value.
Mostly bonds with a small stock sleeve for modest growth.
A classic 60/40 split of stocks and bonds.
Stock-heavy with a bond cushion for a long horizon.
All stocks for maximum long-term growth potential, with higher short-term volatility.
These allocation ideas are educational illustrations built from this plan's available funds and a standard risk-tolerance assessment. They are not personalized investment advice or a recommendation, and risk tolerance is only one factor in an investment decision. You may consider consulting a qualified professional before making changes to your account.