401(k) · DOL Form 5500 · 2022

Discover Financial Services 401(k) Plan

Data updated 2026-08-11

$2.2B
Total assets: 16,052
Participants: 99th
Percentile by assets: $139,342
Avg per participant

Official DOL plan name: Discover Financial Services 401(k) Plan · Sponsored by Discover Financial Services · Illinois · Finance & Insurance

$2.2B in assets, 16,052 participants

Discover Financial Services's Discover Financial Services 401(k) Plan reported $2.2B in total assets and 16,052 participants in its 2022 DOL Form 5500 filing, ranking in the 99th percentile by assets among filed plans. Figures are as reported by the plan sponsor to the Department of Labor, not audited or endorsed by PlainRetire.

99th percentile by assets (of 139,126 plans)
#9,160 in Finance & Insurance (9,261 peers)

Coverage in Illinois

Discover Financial Services 401(k) Plan covers 16,052 participants in Illinois, 21x the typical Illinois plan (state average ~779 per filing). Assets: $2.2B.

$2.2B
total plan assets (2022 EOY): 16,052
covered participants: 99th
percentile by assets (of 139,126 plans): $139,342
avg assets per participant

The plan reported a net loss of $319M for the year, a single-year figure driven by markets and benefit payments, not a measure of plan health.

Where Discover Financial Services 401(k) Plan sits by total assets

Discover Financial Services 401(k) Plan vs every filed plan by assets

End-of-year total assets · plan year 2022 · DOL Form 5500

$2,236,723,322 Top 1% higher than 99% of 139,123 filed plans

Dashed line + filled bar = this entry, among filed plans.

Source U.S. Department of Labor Form 5500 filings (EBSA) · plan year 2022

State

Illinois

Industry

Finance & Insurance

Participants vs Illinois filers

In Illinois, the average filing covers about 779 participants across 5,745 plans. Discover Financial Services 401(k) Plan reports 16,052 participants - 21x that state average ($2.2B EOY assets).

Illinois filing particulars

Total Assets (Beginning of Year)	$2.6B
Net Assets (End of Year)	$2.2B
Net Income	-$319M
Employer EIN	362517428
Plan Effective Date	2007-07-01
Filing Status	FILING RECEIVED

Sponsor Plan History (Discover Financial Services)

Total plan assets by year, all Discover Financial Services plans on file

Year	Plans	Participants	Total Assets
2022	2	18,939	$2.7B
2023	2	22,274	$3.3B
2024	2	22,935	$3.7B

Nearby 401(k) Plans in Illinois

Peer 401(k) plans, same state, same plan type, ranked by total assets.

Discover Financial Services 401(k) Plan vs. nearby 401(k) plans in Illinois, assets vs. participants

State Farm 401(k) Savings Plan $14.7B · 53,616
Accenture United States 401(k) Match and Savings Plan $14.3B · 66,653
Abbott Laboratories Stock Retirement Plan $13.3B · 36,136
United Airlines Pilot Retirement Account Plan $11.8B · 13,437
Walgreens Retirement Savings Plan $11.7B · 238,072

Compare Discover Financial Services 401(k) Plan side-by-side with 3 peers →

Scale composition for Discover Financial Services 401(k) Plan

Discover Financial Services 401(k) Plan reports $2.2B in end-of-year assets across 16,052 participants (0.018% of the $12.3T held by all Form 5500 filers in the national rollup , and 0.017% of 93,925,755 covered participants) - about $139,342 per participant (1.0x the national average assets-per-participant) . Net income for plan year 2022 was -$319M.

This plan identity (EIN 362517428, plan #003) has 3 Form 5500 filings on file from 2022 to 2024 , with end-of-year assets moving from $2.2B to $3.2B (+43.6%) while covered participants moved from 16,052 to 20,344 . Single-year sparse filers cannot show that trail.

Plan year	Participants	EOY assets	Filing
2022	16,052	$2.2B	This page
2023	19,535	$2.8B	Open filing
2024 · index core	20,344	$3.2B	Open filing

The same sponsor also keeps 2 other index-core plans on PlainRetire:

Discover Financial Services 401(k) Plan (401(k), $3.2B, 20,344 participants)
Discover Financial Services Pension Plan (Defined Benefit (Pension), $483M, 2,591 participants)

Similar-Sized 401(k) Plans Nationally

401(k) plans in other states closest to Discover Financial Services 401(k) Plan by total assets, not by location.

Cognizant Technology Solutions 401(k) Savings Plan (NJ) $2.2B · 33,944
The Kroger Co. Savings Plan (OH) $2.2B · 209,608
Hearst Retirement Savings Plan (NC) $2.2B · 10,500
Corebridge Financial, Inc. Retirement Savings 401(k) Plan (TX) $2.3B · 7,056

Frequently Asked Questions

How did Discover Financial Services 401(k) Plan assets move in 2022? ▼

Discover Financial Services 401(k) Plan pulled back noticeably - down 12.5% during 2022, from $2.6B to $2.2B. Reported net income was -$319M.

How have Discover Financial Services plan assets changed over time? ▼

Across 3 plan years on file (2022-2024), Discover Financial Services's sponsor-wide assets grew 35.1%, from $2.7B to $3.7B.

Where does Discover Financial Services 401(k) Plan rank by assets among Form 5500 filers? ▼

Discover Financial Services 401(k) Plan ranks in the 99th percentile by end-of-year assets among 139,126 plans that reported assets for plan year 2022 (among the largest 1% of all filed plans).

Which 401(k) plans are similar in size to Discover Financial Services 401(k) Plan? ▼

Among 401(k) plans in other states, the closest by assets is Cognizant Technology Solutions 401(k) Savings Plan in NJ ($2.2B, 33,944 participants).

Next read for Discover Financial Services 401(k) Plan

Filing takeaways

Ways to act on Discover Financial Services 401(k) Plan's numbers.

By total assets, Discover Financial Services 401(k) Plan ranks among the largest 1% of all filed plans. See the largest plans
Compare it side-by-side against 3 similar 401(k) plans in Illinois. Compare plans
Discover Financial Services's sponsor-wide assets have grown 35.1% since 2022 across 3 plan years on file. More Finance & Insurance plans

Source: U.S. Department of Labor, Employee Benefits Security Administration (EBSA), Form 5500 public disclosure dataset. Plan year 2022.

Source: DOL EFAST2 filing system (efast.dol.gov) - original filing retrieval by EIN 362517428.