1-800 Contacts, Inc. 401(k) Review & Grade
1-800 Contacts, Inc. Retirement and Savings Plan
Draper, UTRetail Trade1,300 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,718Employer $ per active participant
$4,297Employee $ saved per active participant
0.36%Direct admin cost, % of plan assets
$73.0MNet plan assets, end of year
$43,519Average balance per account
Score breakdown
- Employer generosity40.1 / 5080th percentile for employer $ per participant
- Low cost8.6 / 2534th percentile for low admin cost vs. same-size plans
- Employee saving10.6 / 1570th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score66 / 100 · Grade B
This plan vs. peers
Peers: Retail Trade plans with 500–2,499 active participants (719 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 80th |
| Lower admin cost | 34th |
| Employee saving | 70th |
| Peers that auto-enroll | 48% |
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Red flags from the filing
Corrective distributions: the plan refunded $2,129 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- 1-800 Contacts put in about $1,718 per active participant, more than the typical peer ($743). 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.
- Direct plan expenses (0.36% of assets) are well above similar-size plans (0.23%). 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 | $2,232,999 |
| Participant (employee) contributions | $5,584,425 |
| Other contributions (incl. rollovers in) | $877,304 |
| Administrative expenses paid from the plan | $240,594 |
| Contract administrator fees | $1,500 |
| Investment advisory & management fees | $63,000 |
| Benefits paid out | $6,398,825 |
| Net assets, start / end of year | $61.1M / $73.0M |
| Active participants, start / end of year | 1,179 / 1,420 |
| Participants with account balances | 1,678 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Tanner, LLC |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $155,461 reported compensation |
| Global Retirement Partners LLC | $63,000 reported compensation |
| Tanner LLC | $22,133 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250923155728NAL0008222675001, received 2025-09-23, EIN 87-0571643, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.