Franklin Electric Company 401(k) Review & Grade
Franklin Electric Co., Inc. Retirement Program
Fort Wayne, INManufacturing1,564 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$5,738Employer $ per active participant
$6,040Employee $ saved per active participant
0.11%Direct admin cost, % of plan assets
$258.0MNet plan assets, end of year
$130,701Average balance per account
Score breakdown
- Employer generosity43.4 / 5087th percentile for employer $ per participant
- Low cost18.0 / 2572th percentile for low admin cost vs. same-size plans
- Employee saving9.6 / 1564th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-10 pts1 issue reported on the filing
Total score71 / 100 · Grade B
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 87th |
| Lower admin cost | 72th |
| Employee saving | 64th |
| Peers that auto-enroll | 59% |
Get the monthly 401(k) report card
The best and worst plans, new grades as filings post. One email a month, no spam.
Red flags from the filing
Late deposits: the filing says some employee contributions were not sent to the plan on time ($30,400 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
What to do if you're in this plan
- Franklin Electric put in about $5,738 per active participant, more than the typical peer ($2,320). 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.
- The plan reported late deposits of employee contributions. Compare your pay stubs with your account statements, and contact the plan administrator if money shows up late.
- 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 | $8,970,927 |
| Participant (employee) contributions | $9,442,945 |
| Other contributions (incl. rollovers in) | $2,232,661 |
| Administrative expenses paid from the plan | $268,147 |
| Contract administrator fees | $185,682 |
| Investment advisory & management fees | $54,236 |
| Other admin expenses | $16,079 |
| Benefits paid out | $27,094,559 |
| Net assets, start / end of year | $236.7M / $258.0M |
| Active participants, start / end of year | 1,594 / 1,533 |
| Participants with account balances | 1,974 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | GJC Cpa's & Advisors |
| Employer stock held by plan | $32,071,558 |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $185,682 reported compensation |
| Aon Consulting | $54,236 reported compensation |
| GJC Cpa's & Advisors | $12,150 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250701104418NAL0006693171001, received 2025-07-01, EIN 35-0827455, plan #007, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.