Sleep Number Corporation 401(k) Review & Grade
Sleep Number Profit Sharing and 401(k) Plan
Minneapolis, MNManufacturing3,968 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,875Employer $ per active participant
$3,778Employee $ saved per active participant
0.22%Direct admin cost, % of plan assets
$257.3MNet plan assets, end of year
$64,824Average balance per account
Score breakdown
- Employer generosity13.1 / 5026th percentile for employer $ per participant
- Low cost7.7 / 2531th percentile for low admin cost vs. same-size plans
- Employee saving3.3 / 1522th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score34 / 100 · Grade D
This plan vs. peers
Peers: Manufacturing plans with 2,500–9,999 active participants (566 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 26th |
| Lower admin cost | 31th |
| Employee saving | 22th |
| Peers that auto-enroll | 70% |
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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
- Sleep Number put in about $1,875 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.
- Direct plan expenses (0.22% of assets) are well above similar-size plans (0.12%). 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.
- The plan auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- 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 | $7,439,988 |
| Participant (employee) contributions | $14,994,583 |
| Other contributions (incl. rollovers in) | $671,456 |
| Administrative expenses paid from the plan | $548,120 |
| Investment advisory & management fees | $74,000 |
| Other admin expenses | $13,216 |
| Benefits paid out | $32,949,316 |
| Net assets, start / end of year | $235.2M / $257.3M |
| Active participants, start / end of year | 4,172 / 3,765 |
| Participants with account balances | 3,969 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Deloitte & Touche LLP |
| Employer stock held by plan | $4,632,030 |
Largest service providers (Schedule C)
| Milliman, Inc. | $367,138 reported compensation |
| Captrust | $74,000 reported compensation |
| Deloitte & Touche LLP | $56,625 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250815133521NAL0010454401001, received 2025-08-15, EIN 41-1597886, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.