Fastenal Company & Subsidiaries 401(k) Review & Grade
Fastenal Company & Subsidiaries 401(k) and Employee Stock Ownership Plan
Winona, MNRetail Trade17,928 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,100Employer $ per active participant
$3,256Employee $ saved per active participant
0.06%Direct admin cost, % of plan assets
$1.1BNet plan assets, end of year
$56,224Average balance per account
Score breakdown
- Employer generosity36.6 / 5073th percentile for employer $ per participant
- Low cost16.7 / 2567th percentile for low admin cost vs. same-size plans
- Employee saving12.9 / 1586th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score73 / 100 · Grade B
This plan vs. peers
Peers: Retail Trade plans with 10,000+ active participants (124 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 73th |
| Lower admin cost | 67th |
| Employee saving | 86th |
| Peers that auto-enroll | 32% |
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Red flags from the filing
Corrective distributions: the plan refunded $1,064 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Fastenal Company & Subsidiaries put in about $1,100 per active participant, more than the typical peer ($689). 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 | $19,715,874 |
| Participant (employee) contributions | $58,374,165 |
| Other contributions (incl. rollovers in) | $1,183,286 |
| Administrative expenses paid from the plan | $560,002 |
| Investment advisory & management fees | $17,401 |
| Benefits paid out | $66,662,972 |
| Net assets, start / end of year | $919.4M / $1.1B |
| Active participants, start / end of year | 18,036 / 17,820 |
| Participants with account balances | 18,832 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Grant Thornton LLP |
| Employer stock held by plan | $285,153,120 |
Largest service providers (Schedule C)
| Merrill Lynch, Pierce, Fenner and S | $557,719 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250606083720NAL0021055088001, received 2025-06-06, EIN 41-0948415, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.