Openlane, Inc. 401(k) Review & Grade
Openlane, Inc. 401(k) Plan
Carmel, INWholesale Trade2,042 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$3,012Employer $ per active participant
$6,423Employee $ saved per active participant
0.05%Direct admin cost, % of plan assets
$314.7MNet plan assets, end of year
$69,026Average balance per account
Score breakdown
- Employer generosity37.0 / 5074th percentile for employer $ per participant
- Low cost22.2 / 2589th percentile for low admin cost vs. same-size plans
- Employee saving10.9 / 1573th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-10 pts1 issue reported on the filing
Total score63 / 100 · Grade B
This plan vs. peers
Peers: Wholesale Trade plans with 500–2,499 active participants (603 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 74th |
| Lower admin cost | 89th |
| Employee saving | 73th |
| Peers that auto-enroll | 53% |
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Red flags from the filing
Benefits not paid when due: the plan reported failing to pay some benefits on time.
What to do if you're in this plan
- Openlane put in about $3,012 per active participant, more than the typical peer ($1,792). 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 | $6,150,934 |
| Participant (employee) contributions | $13,115,531 |
| Other contributions (incl. rollovers in) | $2,632,508 |
| Administrative expenses paid from the plan | $140,259 |
| Investment advisory & management fees | $142,717 |
| Other admin expenses | $84,342 |
| Benefits paid out | $49,631,309 |
| Net assets, start / end of year | $297.5M / $314.7M |
| Active participants, start / end of year | 2,035 / 2,049 |
| Participants with account balances | 4,559 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Forvis Mazars |
Largest service providers (Schedule C)
| Strategic Advisors, Inc. | $142,717 reported compensation |
| Creative Planning Holdco, LLC | $84,342 reported compensation |
| Forvis LLP | $28,035 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250926080559NAL0011560883001, received 2025-09-26, EIN 20-8744739, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.