Carrier Global Corporation 401(k) Review & Grade
Carrier Retirement Savings Plan
Palm Beach Gardens, FLManufacturing11,264 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$8,166Employer $ per active participant
$9,979Employee $ saved per active participant
0.18%Direct admin cost, % of plan assets
$997.7MNet plan assets, end of year
$77,633Average balance per account
Score breakdown
- Employer generosity37.0 / 5074th percentile for employer $ per participant
- Low cost5.5 / 2522th percentile for low admin cost vs. same-size plans
- Employee saving9.1 / 1561th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score62 / 100 · Grade B
This plan vs. peers
Peers: Manufacturing plans with 10,000+ active participants (151 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 74th |
| Lower admin cost | 22th |
| Employee saving | 61th |
| Peers that auto-enroll | 69% |
Red flags from the filing
No red flags were reported on this filing's compliance questions.
What to do if you're in this plan
- Carrier Global put in about $8,166 per active participant, more than the typical peer ($5,480). Contribute at least enough to collect the full match. Skipping it leaves part of your pay on the table.
- 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 (0.18% of assets) are well above similar-size plans (0.09%). 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 auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- 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 | $91,976,477 |
| Participant (employee) contributions | $112,406,760 |
| Other contributions (incl. rollovers in) | $21,079,683 |
| Administrative expenses paid from the plan | $1,565,194 |
| Contract administrator fees | $70,686 |
| Investment advisory & management fees | $595,752 |
| Other admin expenses | $56,317 |
| Benefits paid out | $131,598,994 |
| Net assets, start / end of year | $790.7M / $997.7M |
| Active participants, start / end of year | 12,295 / 10,233 |
| Participants with account balances | 12,851 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Grant Thornton, LLP |
Largest service providers (Schedule C)
| Alight Solutions LLC | $689,439 reported compensation |
| State Street Global Advisors | $252,797 reported compensation |
| State Street Bank and Trust Company | $182,317 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250926123004NAL0008533569001, received 2025-09-26, EIN 83-4051582, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.
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