Garmin International, Inc. 401(k) Review & Grade
Garmin International, Inc. Retirement Plan
Olathe, KSManufacturing7,236 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$10,814Employer $ per active participant
$9,903Employee $ saved per active participant
0.02%Direct admin cost, % of plan assets
$2.2BNet plan assets, end of year
$232,830Average balance per account
Score breakdown
- Employer generosity48.0 / 5096th percentile for employer $ per participant
- Low cost23.1 / 2593th percentile for low admin cost vs. same-size plans
- Employee saving11.9 / 1579th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score86 / 100 · Grade A
This plan vs. peers
Peers: Manufacturing plans with 2,500–9,999 active participants (566 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 96th |
| Lower admin cost | 93th |
| Employee saving | 79th |
| Peers that auto-enroll | 70% |
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Red flags from the filing
No red flags were reported on this filing's compliance questions.
What to do if you're in this plan
- Garmin International put in about $10,814 per active participant, more than the typical peer ($3,452). 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.
- 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 | $78,250,438 |
| Participant (employee) contributions | $71,659,520 |
| Other contributions (incl. rollovers in) | $8,847,939 |
| Administrative expenses paid from the plan | $478,374 |
| Investment advisory & management fees | $478,374 |
| Benefits paid out | $95,689,221 |
| Net assets, start / end of year | $1.8B / $2.2B |
| Active participants, start / end of year | 7,082 / 7,390 |
| Participants with account balances | 9,335 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Rubinbrown LLP |
| Employer stock held by plan | $80,747,349 |
Largest service providers (Schedule C)
| T. Rowe Price RPS, Inc. | $346,444 reported compensation |
| Mercer | $83,430 reported compensation |
| Rubinbrown LLP | $45,000 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250717163549NAL0000701137001, received 2025-07-17, EIN 48-1088407, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.