Farnsworth Group, Inc. 401(k) Review & Grade
Farnsworth Group, Inc. 401(k) Plan
Bloomington, ILProfessional, Scientific & Technical Services554 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$4,768Employer $ per active participant
$9,208Employee $ saved per active participant
0.00%Direct admin cost, % of plan assets
$104.4MNet plan assets, end of year
$143,595Average balance per account
Score breakdown
- Employer generosity35.9 / 5072th percentile for employer $ per participant
- Low cost24.8 / 2599th percentile for low admin cost vs. same-size plans
- Employee saving7.7 / 1552th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score75 / 100 · Grade A
This plan vs. peers
Peers: Professional, Scientific & Technical Services plans with 500–2,499 active participants (1,469 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 72th |
| Lower admin cost | 99th |
| Employee saving | 52th |
| Peers that auto-enroll | 48% |
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Red flags from the filing
Corrective distributions: the plan refunded $40 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Farnsworth Group put in about $4,768 per active participant, more than the typical peer ($3,082). 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.
- 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 | $2,641,478 |
| Participant (employee) contributions | $5,101,339 |
| Other contributions (incl. rollovers in) | $756,041 |
| Administrative expenses paid from the plan | $2,575 |
| Benefits paid out | $7,121,236 |
| Net assets, start / end of year | $91.1M / $104.4M |
| Active participants, start / end of year | 529 / 579 |
| Participants with account balances | 727 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Sikich CPA LLC |
Largest service providers (Schedule C)
| Merrill Lynch, Pierce, Fenner and S | $2,575 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250911120451NAL0000224803001, received 2025-09-11, EIN 37-1123236, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.