Unifirst Corporation 401(k) Review & Grade
Unifirst Retirement Savings Plan
Wilmington, MAOther Services11,994 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$1,597Employer $ per active participant
$2,083Employee $ saved per active participant
0.16%Direct admin cost, % of plan assets
$554.2MNet plan assets, end of year
$55,549Average balance per account
Score breakdown
- Employer generosity21.3 / 5043th percentile for employer $ per participant
- Low cost6.4 / 2525th percentile for low admin cost vs. same-size plans
- Employee saving4.3 / 1528th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score22 / 100 · Grade F
This plan vs. peers
Peers: all industries, plans with 10,000+ active participants (fewer than 30 industry peers) (820 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 43th |
| Lower admin cost | 25th |
| Employee saving | 28th |
| Peers that auto-enroll | 50% |
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Red flags from the filing
Fraud or dishonesty loss: the plan reported a loss caused by fraud or dishonesty during the year.
Corrective distributions: the plan refunded $3,569 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Unifirst put in about $1,597 per active participant, below the typical peer ($2,229). 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 (0.16% of assets) are well above similar-size plans (0.09%). 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.
- 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 | $19,149,911 |
| Participant (employee) contributions | $24,987,369 |
| Other contributions (incl. rollovers in) | $1,566,715 |
| Administrative expenses paid from the plan | $859,476 |
| Investment advisory & management fees | $111,592 |
| Other admin expenses | $43,599 |
| Benefits paid out | $62,406,010 |
| Net assets, start / end of year | $509.7M / $554.2M |
| Active participants, start / end of year | 11,814 / 12,174 |
| Participants with account balances | 9,976 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Baker Newman & Noyes LLC |
| Employer stock held by plan | $4,759,663 |
Largest service providers (Schedule C)
| Merrill Lynch, Pierce, Fenner and S | $674,885 reported compensation |
| Capfinancial Partners, LLC. | $110,912 reported compensation |
| Ogletree, Deakins, Nash, Smoak & ST | $44,385 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251010173550NAL0004832643001, received 2025-10-10, EIN 04-2103460, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.