Franklin Academy Foundation, Inc. 401(k) Review & Grade
Franklin Academy Retirement Plan
Pembroke Pines, FLEducational Services736 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$481Employer $ per active participant
$1,278Employee $ saved per active participant
0.06%Direct admin cost, % of plan assets
$10.7MNet plan assets, end of year
$23,998Average balance per account
Score breakdown
- Employer generosity9.4 / 5019th percentile for employer $ per participant
- Low cost20.8 / 2583th percentile for low admin cost vs. same-size plans
- Employee saving2.4 / 1516th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score33 / 100 · Grade D
This plan vs. peers
Peers: Educational Services plans with 500–2,499 active participants (144 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 19th |
| Lower admin cost | 83th |
| Employee saving | 16th |
| Peers that auto-enroll | 37% |
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Red flags from the filing
Corrective distributions: the plan refunded $16,583 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Franklin Academy Foundation put in about $481 per active participant, below the typical peer ($1,225). 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 | $353,728 |
| Participant (employee) contributions | $940,115 |
| Other contributions (incl. rollovers in) | $53,931 |
| Administrative expenses paid from the plan | $6,235 |
| Benefits paid out | $401,728 |
| Net assets, start / end of year | $8.7M / $10.7M |
| Active participants, start / end of year | 713 / 758 |
| Participants with account balances | 446 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Verdeja & Alvarez LLP |
Largest service providers (Schedule C)
| Ameritas Life Insurance Corporation | $6,235 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20260330083646NAL0005275795001, received 2026-03-30, EIN 27-2123983, plan #001, plan year 2024-07-01 to 2025-06-30. Verify at efast.dol.gov.