Spencer Fane LLP 401(k) Review & Grade
Spencer Fane Retirement Plan
Kansas City, MOProfessional, Scientific & Technical Services816 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$14,418Employer $ per active participant
$10,744Employee $ saved per active participant
0.06%Direct admin cost, % of plan assets
$263.8MNet plan assets, end of year
$266,734Average balance per account
Score breakdown
- Employer generosity48.6 / 5097th percentile for employer $ per participant
- Low cost21.2 / 2585th percentile for low admin cost vs. same-size plans
- Employee saving9.8 / 1565th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score87 / 100 · Grade A
This plan vs. peers
Peers: Professional, Scientific & Technical Services plans with 500–2,499 active participants (1,469 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 97th |
| Lower admin cost | 85th |
| Employee saving | 65th |
| Peers that auto-enroll | 48% |
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Red flags from the filing
Corrective distributions: the plan refunded $20,794 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Spencer Fane LLP put in about $14,418 per active participant, more than the typical peer ($3,082). 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.
- 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 | $11,757,772 |
| Participant (employee) contributions | $8,761,733 |
| Other contributions (incl. rollovers in) | $13,160,300 |
| Administrative expenses paid from the plan | $140,147 |
| Investment advisory & management fees | $124,851 |
| Benefits paid out | $9,436,972 |
| Net assets, start / end of year | $211.0M / $263.8M |
| Active participants, start / end of year | 721 / 910 |
| Participants with account balances | 989 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Cbiz Cpas P.C. |
Largest service providers (Schedule C)
| Creative Planning LLC | $45,377 reported compensation |
| Meritage Portfolio Management | $19,944 reported compensation |
| Krilogy Financial LLC | $15,767 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015121820NAL0004822129002, received 2025-10-15, EIN 44-0561981, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.