Farmer Automotive Group 401(k) Review & Grade
Farmer Automotive Group 401(k) Plan
Louisville, KYRetail Trade570 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$352Employer $ per active participant
$3,052Employee $ saved per active participant
1.61%Direct admin cost, % of plan assets
$7.9MNet plan assets, end of year
$16,254Average balance per account
Score breakdown
- Employer generosity13.4 / 5027th percentile for employer $ per participant
- Low cost0.6 / 252th percentile for low admin cost vs. same-size plans
- Employee saving7.6 / 1551th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score32 / 100 · Grade D
This plan vs. peers
Peers: Retail Trade plans with 500–2,499 active participants (719 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 27th |
| Lower admin cost | 2th |
| Employee saving | 51th |
| Peers that auto-enroll | 48% |
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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
- Farmer Automotive Group put in about $352 per active participant, below the typical peer ($743). 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 (1.61% 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 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 | $200,451 |
| Participant (employee) contributions | $1,739,529 |
| Other contributions (incl. rollovers in) | $69,107 |
| Administrative expenses paid from the plan | $111,663 |
| Investment advisory & management fees | $30,362 |
| Benefits paid out | $921,672 |
| Net assets, start / end of year | $6.0M / $7.9M |
| Active participants, start / end of year | 583 / 557 |
| Participants with account balances | 483 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Cherry Bekaert LLP |
Largest service providers (Schedule C)
| Adp, Inc. | $81,301 reported compensation |
| Integrated Wealth Concepts | $30,362 reported compensation |
| Adp Broker-Dealer | $0 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251007050308NAL0004357041001, received 2025-10-07, EIN 59-3349739, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.