Penumbra, Inc. 401(k) Review & Grade
Penumbra, Inc. 401(k) Plan
Alameda, CAManufacturing3,623 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,938Employer $ per active participant
$7,896Employee $ saved per active participant
0.30%Direct admin cost, % of plan assets
$246.2MNet plan assets, end of year
$59,489Average balance per account
Score breakdown
- Employer generosity13.6 / 5027th percentile for employer $ per participant
- Low cost5.6 / 2523th percentile for low admin cost vs. same-size plans
- Employee saving10.0 / 1567th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score36 / 100 · Grade D
This plan vs. peers
Peers: Manufacturing plans with 2,500–9,999 active participants (566 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 27th |
| Lower admin cost | 23th |
| Employee saving | 67th |
| Peers that auto-enroll | 70% |
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Red flags from the filing
Corrective distributions: the plan refunded $5,390 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Penumbra put in about $1,938 per active participant, below the typical peer ($3,452). 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 (0.30% 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 | $7,022,173 |
| Participant (employee) contributions | $28,607,862 |
| Other contributions (incl. rollovers in) | $7,488,866 |
| Administrative expenses paid from the plan | $664,279 |
| Investment advisory & management fees | $232,822 |
| Benefits paid out | $17,008,419 |
| Net assets, start / end of year | $190.5M / $246.2M |
| Active participants, start / end of year | 3,576 / 3,670 |
| Participants with account balances | 4,139 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Wright Ford Young & Co. |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company O | $431,457 reported compensation |
| Sageview Advisory Group, LLC | $165,603 reported compensation |
| Sageview Advisory Group, LLC | $67,219 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251002180136NAL0000762929001, received 2025-10-02, EIN 05-0605598, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.