Faegre Drinker Biddle & Reath LLP 401(k) Review & Grade
Faegre Drinker Retirement Savings Plan 1
Minneapolis, MNProfessional, Scientific & Technical Services1,325 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$11,178Employer $ per active participant
$11,261Employee $ saved per active participant
0.08%Direct admin cost, % of plan assets
$768.2MNet plan assets, end of year
$415,248Average balance per account
Score breakdown
- Employer generosity46.5 / 5093th percentile for employer $ per participant
- Low cost19.7 / 2579th percentile for low admin cost vs. same-size plans
- Employee saving10.3 / 1569th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score77 / 100 · Grade A
This plan vs. peers
Peers: Professional, Scientific & Technical Services plans with 500–2,499 active participants (1,469 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 93th |
| Lower admin cost | 79th |
| Employee saving | 69th |
| Peers that auto-enroll | 48% |
Red flags from the filing
Corrective distributions: the plan refunded $1,078 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Faegre Drinker Biddle & Reath LLP put in about $11,178 per active participant, more than the typical peer ($3,082). 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.
- 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 | $14,811,045 |
| Participant (employee) contributions | $14,921,110 |
| Other contributions (incl. rollovers in) | $5,692,820 |
| Administrative expenses paid from the plan | $604,443 |
| Investment advisory & management fees | $522,273 |
| Benefits paid out | $91,331,130 |
| Net assets, start / end of year | $716.9M / $768.2M |
| Active participants, start / end of year | 1,352 / 1,298 |
| Participants with account balances | 1,850 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Baker Tilly Us,llp |
Largest service providers (Schedule C)
| Compass Capital Management Inc | $184,280 reported compensation |
| Hemington Wealth Management LL | $91,773 reported compensation |
| Schwab Retirement Plan Services,inc | $82,120 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251103124334NAL0003981651002, received 2025-11-03, EIN 41-0244008, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.
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