Leggett & Platt, Incorporated 401(k) Review & Grade
Leggett & Platt, Incorporated 401(k) Plan and Trust Agreement
Carthage, MOManufacturing5,219 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,528Employer $ per active participant
$4,234Employee $ saved per active participant
0.13%Direct admin cost, % of plan assets
$374.5MNet plan assets, end of year
$59,395Average balance per account
Score breakdown
- Employer generosity9.4 / 5019th percentile for employer $ per participant
- Low cost11.9 / 2548th percentile for low admin cost vs. same-size plans
- Employee saving4.0 / 1527th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score22 / 100 · Grade F
This plan vs. peers
Peers: Manufacturing plans with 2,500–9,999 active participants (566 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 19th |
| Lower admin cost | 48th |
| Employee saving | 27th |
| Peers that auto-enroll | 70% |
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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 ($132 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $177 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Leggett & Platt, Incorporated put in about $1,528 per active participant, below the typical peer ($3,452). 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.
- The plan auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- 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 | $7,975,094 |
| Participant (employee) contributions | $22,098,280 |
| Other contributions (incl. rollovers in) | $684,316 |
| Administrative expenses paid from the plan | $492,369 |
| Contract administrator fees | $391,603 |
| Investment advisory & management fees | $57,985 |
| Benefits paid out | $50,085,381 |
| Net assets, start / end of year | $376.9M / $374.5M |
| Active participants, start / end of year | 5,558 / 4,880 |
| Participants with account balances | 6,305 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Forvis Mazars, LLP |
| Employer stock held by plan | $17,091,008 |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $391,603 reported compensation |
| Resources Investment Advisors LLC | $57,985 reported compensation |
| Forvis, LLP | $42,781 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250709161100NAL0013268834001, received 2025-07-09, EIN 44-0324630, plan #025, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.