Griffin Enterprises L.C. 401(k) Review & Grade
Griffin Family of Companies 401(k) Plan
Farmington, UTOther Services533 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$617Employer $ per active participant
$1,615Employee $ saved per active participant
8.32%Direct admin cost, % of plan assets
$1.5MNet plan assets, end of year
$2,883Average balance per account
Score breakdown
- Employer generosity16.3 / 5033th percentile for employer $ per participant
- Low cost0.0 / 250th percentile for low admin cost vs. same-size plans
- Employee saving5.2 / 1535th percentile for employee $ per participant
- Plan features0 / 10No auto-enrollment or default investment reported
Total score22 / 100 · Grade F
This plan vs. peers
Peers: Other Services plans with 500–2,499 active participants (333 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 33th |
| Lower admin cost | 0th |
| Employee saving | 35th |
| Peers that auto-enroll | 40% |
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Red flags from the filing
No red flags were reported on this filing's compliance questions.
What to do if you're in this plan
- Griffin Enterprises L.C. put in about $617 per active participant, below the typical peer ($1,257). 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 (8.32% 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.
- 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 | $328,915 |
| Participant (employee) contributions | $860,644 |
| Other contributions (incl. rollovers in) | $10,106 |
| Administrative expenses paid from the plan | $85,127 |
| Other admin expenses | $85,127 |
| Benefits paid out | $373,248 |
| Net assets, start / end of year | $583,918 / $1.5M |
| Active participants, start / end of year | 551 / 515 |
| Participants with account balances | 507 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | GLS Certified Public Accountants,pc |
Largest service providers (Schedule C)
| Vestwell | $62,288 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251013130544NAL0001358401001, received 2025-10-13, EIN 87-0516157, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.