Deluxe Corporation 401(k) Review & Grade
Deluxe Corporation 401(k) Plan
Minneapolis, MNManufacturing4,764 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$2,210Employer $ per active participant
$6,450Employee $ saved per active participant
0.14%Direct admin cost, % of plan assets
$1.5BNet plan assets, end of year
$172,561Average balance per account
Score breakdown
- Employer generosity15.7 / 5031th percentile for employer $ per participant
- Low cost11.2 / 2545th percentile for low admin cost vs. same-size plans
- Employee saving8.2 / 1555th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score42 / 100 · Grade D
This plan vs. peers
Peers: Manufacturing plans with 2,500–9,999 active participants (566 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 31th |
| Lower admin cost | 45th |
| Employee saving | 55th |
| Peers that auto-enroll | 70% |
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Red flags from the filing
Corrective distributions: the plan refunded $655 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Deluxe put in about $2,210 per active participant, below the typical peer ($3,452). 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.
- 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 | $10,531,818 |
| Participant (employee) contributions | $30,732,987 |
| Other contributions (incl. rollovers in) | $3,816,937 |
| Administrative expenses paid from the plan | $2,090,645 |
| Contract administrator fees | $283,597 |
| Investment advisory & management fees | $1,031,098 |
| Other admin expenses | $186,223 |
| Benefits paid out | $191,653,202 |
| Net assets, start / end of year | $1.4B / $1.5B |
| Active participants, start / end of year | 4,823 / 4,706 |
| Participants with account balances | 8,430 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Forvis Mazars LLP |
Largest service providers (Schedule C)
| Empower Annuity Ins Co of America | $566,623 reported compensation |
| Wilshire Associates Incorporated | $255,000 reported compensation |
| Empower Trust Company, LLC | $20,738 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250728132903NAL0000815795001, received 2025-07-28, EIN 41-0216800, plan #004, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.