Forward Air Corporation 401(k) Review & Grade
Forward Air Corporation 401(k) Plan
Greeneville, TNTransportation & Warehousing3,930 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$546Employer $ per active participant
$3,155Employee $ saved per active participant
0.29%Direct admin cost, % of plan assets
$128.5MNet plan assets, end of year
$31,686Average balance per account
Score breakdown
- Employer generosity7.4 / 5015th percentile for employer $ per participant
- Low cost5.9 / 2524th percentile for low admin cost vs. same-size plans
- Employee saving5.8 / 1539th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score26 / 100 · Grade F
This plan vs. peers
Peers: Transportation & Warehousing plans with 2,500–9,999 active participants (123 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 15th |
| Lower admin cost | 24th |
| Employee saving | 39th |
| Peers that auto-enroll | 46% |
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Red flags from the filing
Corrective distributions: the plan refunded $43,190 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Forward Air put in about $546 per active participant, below the typical peer ($1,834). 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 (0.29% of assets) are well above similar-size plans (0.12%). 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 | $2,146,497 |
| Participant (employee) contributions | $12,399,299 |
| Other contributions (incl. rollovers in) | $1,113,472 |
| Administrative expenses paid from the plan | $372,237 |
| Benefits paid out | $28,644,984 |
| Net assets, start / end of year | $126.1M / $128.5M |
| Active participants, start / end of year | 4,424 / 3,436 |
| Participants with account balances | 4,056 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Bennett Thrasher, LLP |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company | $371,137 reported compensation |
| Sageview Advisory Group, LLC | $69,976 reported compensation |
| Sageview Advisory Group, LLC | $11,607 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015105402NAL0005852896001, received 2025-10-15, EIN 62-1120025, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.