Philips North America LLC 401(k) Review & Grade
Philips North America 401(k) Plan
Cambridge, MAManufacturing17,727 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$8,597Employer $ per active participant
$11,841Employee $ saved per active participant
0.01%Direct admin cost, % of plan assets
$6.4BNet plan assets, end of year
$233,843Average balance per account
Score breakdown
- Employer generosity38.0 / 5076th percentile for employer $ per participant
- Low cost24.4 / 2598th percentile for low admin cost vs. same-size plans
- Employee saving10.5 / 1570th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-10 pts1 issue reported on the filing
Total score73 / 100 · Grade B
This plan vs. peers
Peers: Manufacturing plans with 10,000+ active participants (151 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 76th |
| Lower admin cost | 98th |
| Employee saving | 70th |
| Peers that auto-enroll | 69% |
Red flags from the filing
Late deposits: the filing says some employee contributions were not sent to the plan on time ($1,037 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
- Philips North America put in about $8,597 per active participant, more than the typical peer ($5,480). 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 | $152,390,233 |
| Participant (employee) contributions | $209,901,352 |
| Other contributions (incl. rollovers in) | $35,587,077 |
| Administrative expenses paid from the plan | $352,392 |
| Benefits paid out | $736,641,261 |
| Net assets, start / end of year | $5.8B / $6.4B |
| Active participants, start / end of year | 18,388 / 17,066 |
| Participants with account balances | 27,227 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Johnson O'connor Feron & Carucci LL |
Largest service providers (Schedule C)
| Empower Annuity Insur Co of America | $534,717 reported compensation |
| Capfinancial Partners LLC | $520,000 reported compensation |
| Johnson O'connor Feron & Carucci LL | $38,925 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015152739NAL0002550787001, received 2025-10-15, EIN 13-3429115, plan #005, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.
Get notified when Philips North America's next filing posts
The most generous employers, the worst red flags, and plain-English 401(k) tips. One email a month.