Planet Home Lending, LLC 401(k) Review & Grade
Planet Home Lending, LLC Profit Sharing Plan & Trust
Irving, TXFinance & Insurance1,182 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$1,177Employer $ per active participant
$6,176Employee $ saved per active participant
0.33%Direct admin cost, % of plan assets
$57.9MNet plan assets, end of year
$54,316Average balance per account
Score breakdown
- Employer generosity5.6 / 5011th percentile for employer $ per participant
- Low cost9.2 / 2537th percentile for low admin cost vs. same-size plans
- Employee saving5.6 / 1538th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score20 / 100 · Grade F
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 11th |
| Lower admin cost | 37th |
| Employee saving | 38th |
| Peers that auto-enroll | 62% |
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Red flags from the filing
Corrective distributions: the plan refunded $23,484 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Planet Home Lending put in about $1,177 per active participant, below the typical peer ($3,606). 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.
- 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 | $1,391,882 |
| Participant (employee) contributions | $7,303,162 |
| Other contributions (incl. rollovers in) | $1,863,567 |
| Administrative expenses paid from the plan | $174,157 |
| Contract administrator fees | $300 |
| Investment advisory & management fees | $65,323 |
| Benefits paid out | $5,580,895 |
| Net assets, start / end of year | $46.7M / $57.9M |
| Active participants, start / end of year | 1,078 / 1,287 |
| Participants with account balances | 1,066 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Cohnreznick, LLP |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $91,434 reported compensation |
| Creative Planning, LLC | $62,720 reported compensation |
| Cohnreznick LLP | $17,400 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251013134638NAL0000670467001, received 2025-10-13, EIN 26-0362771, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.