Thrivent Financial for Lutherans 401(k) Review & Grade
Thrivent 401(k) Plan
Minneapolis, MNFinance & Insurance6,512 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$4,526Employer $ per active participant
$11,296Employee $ saved per active participant
0.01%Direct admin cost, % of plan assets
$1.7BNet plan assets, end of year
$191,904Average balance per account
Score breakdown
- Employer generosity25.3 / 5051th percentile for employer $ per participant
- Low cost24.1 / 2597th percentile for low admin cost vs. same-size plans
- Employee saving11.9 / 1579th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score61 / 100 · Grade B
This plan vs. peers
Peers: Finance & Insurance plans with 2,500–9,999 active participants (199 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 51th |
| Lower admin cost | 97th |
| Employee saving | 79th |
| Peers that auto-enroll | 66% |
Red flags from the filing
Corrective distributions: the plan refunded $20,950 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Thrivent Financial for Lutherans put in about $4,526 per active participant, more than the typical peer ($4,489). 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 | $29,475,928 |
| Participant (employee) contributions | $73,567,396 |
| Other contributions (incl. rollovers in) | $11,350,345 |
| Administrative expenses paid from the plan | $225,388 |
| Investment advisory & management fees | $167,652 |
| Other admin expenses | $3,300 |
| Benefits paid out | $145,221,842 |
| Net assets, start / end of year | $1.5B / $1.7B |
| Active participants, start / end of year | 6,573 / 6,452 |
| Participants with account balances | 8,978 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Pricewaterhouse Coopers |
Largest service providers (Schedule C)
| Empower Advisory Group, LLC | $167,671 reported compensation |
| Empower Annuity Insurance Company | $54,436 reported compensation |
| Empower Financial Services, Inc. | $4,382 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251009130556NAL0011524160001, received 2025-10-09, EIN 39-0123480, plan #007, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.
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