Schlage Lock Company LLC 401(k) Review & Grade
Schlage Lock Company LLC Employee Savings Plan for Bargained Employees
Carmel, INManufacturing564 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$1,448Employer $ per active participant
$1,484Employee $ saved per active participant
0.05%Direct admin cost, % of plan assets
$14.6MNet plan assets, end of year
$29,730Average balance per account
Score breakdown
- Employer generosity14.8 / 5030th percentile for employer $ per participant
- Low cost21.5 / 2586th percentile for low admin cost vs. same-size plans
- Employee saving1.0 / 157th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score40 / 100 · Grade D
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 30th |
| Lower admin cost | 86th |
| Employee saving | 7th |
| Peers that auto-enroll | 59% |
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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
- Schlage Lock Company put in about $1,448 per active participant, below the typical peer ($2,320). 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.
- 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 | $817,619 |
| Participant (employee) contributions | $837,799 |
| Other contributions (incl. rollovers in) | $30,115 |
| Administrative expenses paid from the plan | $7,768 |
| Contract administrator fees | $300 |
| Benefits paid out | $2,610,183 |
| Net assets, start / end of year | $14.0M / $14.6M |
| Active participants, start / end of year | 573 / 556 |
| Participants with account balances | 490 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Cliftonlarsonallen LLP |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $7,768 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251013150321NAL0001478721001, received 2025-10-13, EIN 54-2139412, plan #003, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.