Lazard Freres & Co. LLC 401(k) Review & Grade
Lazard Freres & Co. LLC Employees' Savings Plan
New York, NYFinance & Insurance1,736 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$7,351Employer $ per active participant
$19,942Employee $ saved per active participant
0.05%Direct admin cost, % of plan assets
$832.0MNet plan assets, end of year
$287,997Average balance per account
Score breakdown
- Employer generosity42.8 / 5086th percentile for employer $ per participant
- Low cost21.6 / 2586th percentile for low admin cost vs. same-size plans
- Employee saving14.5 / 1597th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score79 / 100 · Grade A
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 86th |
| Lower admin cost | 86th |
| Employee saving | 97th |
| Peers that auto-enroll | 62% |
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Red flags from the filing
Corrective distributions: the plan refunded $9,908 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Lazard Freres & Co. put in about $7,351 per active participant, more than the typical peer ($3,606). 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 | $12,765,711 |
| Participant (employee) contributions | $34,628,629 |
| Other contributions (incl. rollovers in) | $6,608,007 |
| Administrative expenses paid from the plan | $413,604 |
| Contract administrator fees | $1,200 |
| Investment advisory & management fees | $154,917 |
| Other admin expenses | $17,978 |
| Benefits paid out | $62,844,999 |
| Net assets, start / end of year | $724.4M / $832.0M |
| Active participants, start / end of year | 1,751 / 1,722 |
| Participants with account balances | 2,889 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Deloitte & Touche LLP |
Largest service providers (Schedule C)
| Deloitte & Touche LLP | $135,014 reported compensation |
| Fidelity Investments Institutional | $112,702 reported compensation |
| Strategic Advisors, Inc. | $52,406 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251008145355NAL0009648624001, received 2025-10-08, EIN 13-5545100, plan #003, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.