Luminar Technologies Inc. 401(k) Review & Grade
Luminar 401(k)
Orlando, FLManufacturing558 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$7,352Employer $ per active participant
$12,773Employee $ saved per active participant
0.81%Direct admin cost, % of plan assets
$40.6MNet plan assets, end of year
$61,937Average balance per account
Score breakdown
- Employer generosity46.1 / 5092th percentile for employer $ per participant
- Low cost2.4 / 2510th percentile for low admin cost vs. same-size plans
- Employee saving14.3 / 1595th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score70 / 100 · Grade B
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 92th |
| Lower admin cost | 10th |
| Employee saving | 95th |
| Peers that auto-enroll | 59% |
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Red flags from the filing
Corrective distributions: the plan refunded $5,702 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Luminar Technologies put in about $7,352 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.
- Direct plan expenses (0.81% 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.
- 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 | $4,098,504 |
| Participant (employee) contributions | $7,120,684 |
| Other contributions (incl. rollovers in) | $960,114 |
| Administrative expenses paid from the plan | $298,046 |
| Contract administrator fees | $300 |
| Investment advisory & management fees | $134,514 |
| Other admin expenses | $32,039 |
| Benefits paid out | $8,310,502 |
| Net assets, start / end of year | $32.8M / $40.6M |
| Active participants, start / end of year | 649 / 466 |
| Participants with account balances | 655 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Bauer and Company |
| Employer stock held by plan | $326,096 |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $166,176 reported compensation |
| Gallagher Fiduciary Advisors LLC | $121,155 reported compensation |
| Strategic Advisors, Inc. | $13,359 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251008084125NAL0002863619001, received 2025-10-08, EIN 47-3675924, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.