Foss Swim School, LLC 401(k) Review & Grade
Foss Swim School, LLC 401(k) Plan
Eden Prairie, MNArts, Entertainment & Recreation996 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$315Employer $ per active participant
$633Employee $ saved per active participant
0.71%Direct admin cost, % of plan assets
$8.3MNet plan assets, end of year
–Average balance per account (account count looks misreported)
Score breakdown
- Employer generosity10.5 / 5021th percentile for employer $ per participant
- Low cost3.1 / 2512th percentile for low admin cost vs. same-size plans
- Employee saving1.7 / 1512th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score15 / 100 · Grade F
This plan vs. peers
Peers: Arts, Entertainment & Recreation plans with 500–2,499 active participants (225 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 21th |
| Lower admin cost | 12th |
| Employee saving | 12th |
| Peers that auto-enroll | 38% |
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Red flags from the filing
Corrective distributions: the plan refunded $4,911 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Foss Swim School put in about $315 per active participant, below the typical peer ($995). 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 (0.71% 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.
- 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 | $314,126 |
| Participant (employee) contributions | $630,426 |
| Other contributions (incl. rollovers in) | $345,545 |
| Administrative expenses paid from the plan | $53,436 |
| Benefits paid out | $540,851 |
| Net assets, start / end of year | $6.7M / $8.3M |
| Active participants, start / end of year | 952 / 1,040 |
| Participants with account balances | 204 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Ellingson & Ellingson, LTD |
Largest service providers (Schedule C)
| Valmark Advisers, Inc. | $31,071 reported compensation |
| John Hancock Life Insurance Company | $1,126 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250925150616NAL0003608291001, received 2025-09-25, EIN 27-2224351, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.