Garff Enterprises, Inc. 401(k) Review & Grade
Garff Companies 401(k) Retirement Savings Plan
Salt Lake City, UTRetail Trade5,884 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$587Employer $ per active participant
$3,086Employee $ saved per active participant
0.28%Direct admin cost, % of plan assets
$212.7MNet plan assets, end of year
$70,494Average balance per account
Score breakdown
- Employer generosity23.4 / 5047th percentile for employer $ per participant
- Low cost6.3 / 2525th percentile for low admin cost vs. same-size plans
- Employee saving9.9 / 1566th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score30 / 100 · Grade D
This plan vs. peers
Peers: Retail Trade plans with 2,500–9,999 active participants (183 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 47th |
| Lower admin cost | 25th |
| Employee saving | 66th |
| Peers that auto-enroll | 42% |
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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 ($2,583 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $603,917 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Garff Enterprises put in about $587 per active participant, below the typical peer ($650). 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 (0.28% of assets) are well above similar-size plans (0.12%). 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 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 | $3,451,091 |
| Participant (employee) contributions | $18,158,048 |
| Other contributions (incl. rollovers in) | $3,028,449 |
| Administrative expenses paid from the plan | $547,167 |
| Contract administrator fees | $547,167 |
| Benefits paid out | $19,545,505 |
| Net assets, start / end of year | $184.8M / $212.7M |
| Active participants, start / end of year | 6,081 / 5,686 |
| Participants with account balances | 3,017 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Larson & Company PC |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $547,167 reported compensation |
| Resources Investment Advisors Inc | $113,925 reported compensation |
| Ken Garff Automotive, LLC | $104,115 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250731180644NAL0003310659001, received 2025-07-31, EIN 87-0259130, plan #003, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.