Carhartt, Inc. 401(k) Review & Grade
Carhartt, Inc. Union 401(k) Plan
Dearborn, MIManufacturing754 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$1,405Employer $ per active participant
$666Employee $ saved per active participant
0.83%Direct admin cost, % of plan assets
$11.1MNet plan assets, end of year
$13,660Average balance per account
Score breakdown
- Employer generosity14.0 / 5028th percentile for employer $ per participant
- Low cost2.3 / 259th percentile for low admin cost vs. same-size plans
- Employee saving0.3 / 152th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-10 pts1 issue reported on the filing
Total score10 / 100 · Grade F
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 28th |
| Lower admin cost | 9th |
| Employee saving | 2th |
| Peers that auto-enroll | 59% |
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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 ($10,628 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
What to do if you're in this plan
- Carhartt put in about $1,405 per active participant, below the typical peer ($2,320). 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.
- Direct plan expenses (0.83% of assets) are well above similar-size plans (0.23%). Check your annual fee disclosure, choose low-cost index funds if you can, and think about whether savings beyond the match belong in an IRA.
- 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 | $1,059,600 |
| Participant (employee) contributions | $502,061 |
| Other contributions (incl. rollovers in) | – |
| Administrative expenses paid from the plan | $87,595 |
| Other admin expenses | $87,595 |
| Benefits paid out | $1,500,256 |
| Net assets, start / end of year | $10.0M / $11.1M |
| Active participants, start / end of year | 796 / 712 |
| Participants with account balances | 815 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Plante & Moran, PLLC |
Largest service providers (Schedule C)
| The Vanguard Group, Inc. | $87,595 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250728161815NAL0001057875001, received 2025-07-28, EIN 38-1776575, plan #006, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.