Purple Innovation, LLC 401(k) Review & Grade
Purple 401(k) Plan
Lehi, UTManufacturing1,246 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$3,030Employer $ per active participant
$4,163Employee $ saved per active participant
0.21%Direct admin cost, % of plan assets
$40.4MNet plan assets, end of year
$19,016Average balance per account
Score breakdown
- Employer generosity31.9 / 5064th percentile for employer $ per participant
- Low cost13.3 / 2553th percentile for low admin cost vs. same-size plans
- Employee saving5.9 / 1539th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-10 pts1 issue reported on the filing
Total score51 / 100 · Grade C
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 64th |
| Lower admin cost | 53th |
| Employee saving | 39th |
| Peers that auto-enroll | 59% |
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Red flags from the filing
Late deposits: the filing says some employee contributions were not sent to the plan on time ($257,883 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
- Purple Innovation put in about $3,030 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.
- 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 | $3,774,188 |
| Participant (employee) contributions | $5,184,402 |
| Other contributions (incl. rollovers in) | $725,311 |
| Administrative expenses paid from the plan | $75,574 |
| Contract administrator fees | $75,574 |
| Benefits paid out | $7,271,161 |
| Net assets, start / end of year | $32.9M / $40.4M |
| Active participants, start / end of year | 1,412 / 1,079 |
| Participants with account balances | 2,123 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Richey, May & Co., LLP |
Largest service providers (Schedule C)
| Stancorp Financial Group | $75,574 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251230145336NAL0011013043001, received 2025-12-30, EIN 27-2677854, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.