Franklin Electric Co., Inc. Retirement Program
Franklin Electric Company · Fort Wayne, IN · EIN 350827455 · Plan 007 · Form 5500 for plan year 2024
What FRANKLIN ELECTRIC put into the plan, per active participant
$5,852
FRANKLIN ELECTRIC CO INC put $5,852 into this plan for each of its 1,533 active participants in plan year 2024. That is the whole employer side, matching money, profit sharing, non-elective and safe-harbor contributions and reallocated forfeitures together, because the Form 5500 reports them on one line, so it is not the match rate.
FRANKLIN ELECTRIC put in more per active participant than 88% of plans with 1,000–4,999 participants in industrial and materials manufacturing. The middle plan in that group of 766 reported $2,514. Industrial and materials manufacturing comes from business code 335900, which FRANKLIN ELECTRIC CO INC entered on its own Form 5500. Sponsors pick that code themselves, so a code that does not describe what the employer does ranks the plan against the wrong companies.
What this figure cannot separate: how much FRANKLIN ELECTRIC pays, and how much it puts in
This is dollars, not a rate. A Form 5500 carries no payroll, so the figure reflects both how much the employer puts in and how much the employer pays: two plans running the same formula report different amounts when one pays better. Crossing the peer group with industry holds most of that difference still, and none of it disappears.
This is one plan year, not an average. A true-up, a plan merger or a one-off contribution moves a single year on its own.
Source: Form 5500 filing for the plan year ended December 31, 2024, received by the DOL July 1, 2025 · DOL EFAST2 ↗
The $5,852 above is the Form 5500 figure for plan year 2024, and it counts every employer dollar on one line. FRANKLIN ELECTRIC CO INC also files a Form 11-K, which states the match formula on its own for plan year 2025: the section below reads $1,733 a year at a $49,500 salary, and the same filing states employer contributions made outside the match. That second figure is what the formula pays one worker on that salary, and not an amount either filing reports. The two figures cover different plan years and measure different things, so neither one is the other one corrected.
What the plan cost, per participant
$107.39
The plan paid $107.39 per participant in plan-paid administrative expenses in plan year 2024, more expensive than 64% of plans with 1,000–4,999 participants. The middle plan of that size paid $84.96.
Why a plan this big pays less per person before anything else
Bigger plans pay less per head by construction, because the same negotiated bill divides across more people. That is why this ranking sits inside the plan's own size cohort and is never taken across all plans.
Schedule H reports only what came out of plan assets. Fees the sponsor pays directly, and fees taken inside fund expense ratios, never appear here, so this is a floor and not the all-in cost.
401(k) Monitor Score
73 out of 100
Where this plan stands against plans of its size and industry on two amounts its Form 5500 reports: employer money in per active person, and plan-paid cost per person. It reads no match formula, no vesting schedule and no fund lineup, because a Form 5500 states none of them.
- What the employer put in, per active participant: $5,852. Higher than 88% of plans with 1,000–4,999 participants in industrial and materials manufacturing.
- What the plan cost, per participant: $107. Cheaper than 36% of plans with 1,000–4,999 participants.
On this page: the match and vesting terms · what to check next · every figure on the filing · fees itemised · the plans this one is ranked against · service providers
The match and vesting terms, from a Form 11-K
The match formula and the vesting schedule are stated in a Form 11-K, which is filed only by employers whose plan holds company stock. A Form 5500 reports neither.
What FRANKLIN ELECTRIC puts in
$1,733
a year, at a $49,500 salary.
The match paragraph, word for word
“For eligible participants, the Company contributed an amount equal to 100 percent for the first 2 percent and 50 percent of the next 3 percent of the participant's total contributions, or up to 3.5 percent of each employee's eligible compensation.”
What you contribute to collect all of it
Contribute at least 5% of your pay to collect the full match.
That is $2,475 a year at a $49,500 salary, and it scales with your own.
Vesting score
100 out of 100
How fast the employer’s money becomes yours. Higher than 48% of the 253 schedules we have scored.
It measures vesting speed and nothing else. It says nothing about the size of the match, what the plan charges, or the funds inside it.
Share of the employer's money that is the worker's at hire and at each of the first 6 anniversaries: 100%, 100%, 100%, 100%, 100%, 100%, 100%. The score is the average of those 7 readings.
Vesting, word for word
“Participants are 100 percent vested in both their own contributions and the employer match contribution at all times. Participants are 100 percent vested in the service contribution after completing three calendar years of service, with at least 1,000 hours of service completed within each calendar year.”
The wait before the match starts and the year-end true-up appear above when the filing states them. Neither is part of the score, and a filing that is silent on one of them is not a plan without it.
What the plan costs, against plans of its size
64th percentile
$107.39 per participant in plan-paid administrative cost, more expensive than 64% of plans with 1,000–4,999 participants.
The match, vesting and eligibility terms above are read from the Form 11-K filed by FRANKLIN ELECTRIC CO INC, whose page states the full formula, the vesting schedule and the sentence behind each one.
Matched to this employer by sponsor name, not by an identifier stated in the filing. That Form 11-K covers Franklin Electric Co., Inc. Retirement Program.
What to check next
Collecting the whole match
FRANKLIN ELECTRIC’s Form 11-K pays the whole match at 5% of pay, which is $1,733 a year at a $49,500 salary and scales with your own. Your payslip and your Principal ↗ account both show the rate you set. A rate below 5% collects less than the whole match.
That Form 11-K covers plan year 2025. The plan’s Summary Plan Description states the terms in force, and the plan administrator must provide it to participants on request.
Your own numbers are not on this page
Every figure here is the whole plan for plan year 2024, taken from one filing and divided by headcounts. Your own contribution rate, your balance and the fees taken from your account are on your recordkeeper’s site, which this filing names as Principal ↗. What you may put in during a year is set by the IRS and not by the plan: this year’s limits ↗.
Key figures
| Total plan assets, end of year | $258,004,744 |
|---|---|
| Net assets | $258,004,744 |
| Participants, beginning of year | 2,497 |
| Of which active | 1,533 |
| Plan type | Single employer |
| Size cohortThe peer group we rank fees against. | 1,000–4,999 participants |
| Employer share of the money that went in, plan year 2024The rest came from employees, who put in $9,442,945. The share falls when employees save more, so a plan whose staff contribute heavily reads lower here through no act of the employer. It is printed as a fact and it is not part of the score. | 49% |
Plan-paid administrative expenses
The plan paid $268,147 in administrative expenses in plan year 2024, across 2,497 participants: $107.39 per participant.
| Contract administrator fees | $185,682 |
|---|---|
| Professional fees | not reported in filing |
| Investment management fees | $54,236 |
| Other administrative fees | $16,079 |
These are plan-paid expenses from Schedule H only. Fees the sponsor pays directly, and fees embedded in fund expense ratios, never appear here. This figure is a floor, not the all-in cost, and a low number is not “free”.
The plans this one is ranked against
Fees on this page are ranked against the 1,000–4,999 participant cohort, where the median plan pays $84.96 per participant. The sponsor files from Indiana, one of 1,157 plans on file there, at a median of $127.48 per participant. Its business code places the plan in industrial and materials manufacturing, one of 6,008 on file, which run to a median of $142.19.
Plans of a similar size in Indiana
| Plan | Participants | Cost per participant |
|---|---|---|
| Bucher & Christian Consulting, Inc. 401(k) PlanBucher & Christian Consulting, Inc. | 4,156 | $15.09 |
| Purpose Home Health 401(k) PlanPurpose Home Health | 2,575 | $29.76 |
| Aaag Holdings, Inc. 401(k) PlanAaag Holdings, Inc. | 2,514 | $6.18 |
| Goshen Health 401(k) Retirement Savings PlanGoshen Health | 2,492 | $103.89 |
| American Commercial Barge Line LLC 401(k) PlanAmerican Commercial Barge Line LLC | 2,491 | $131.91 |
Service providers (Schedule C)
Recordkeeper: Principal (as filed: “PRINCIPAL LIFE INSURANCE COMPANY”)
5,239 plans on file name Principal as their recordkeeper, at a median of $170.05 per participant.
| Provider | Service codes | Direct comp. ($) | Indirect comp. ($) |
|---|---|---|---|
| Principal Life Insurance Company | 64, 50, 37, 13 | 185,682 | 0 |
| Gjc Cpa's & Advisors | 50, 10 | 12,150 | not reported |
| Wilshire Advisors LLC | 72, 27 | 0 | 0 |
| Aon Consulting | 50, 27 | 54,236 | not reported |
Useful links
- Find a 401(k) you left at an old job ↗
The DOL's Retirement Savings Lost & Found. Free and official.
- Look up this plan's full Form 5500 ↗
The DOL's own filing search. Search by plan or sponsor name.
- Download this plan's data (CSV) ↗
Every field on this page, one row, ready for a spreadsheet.
Source
| Dataset | DOL EFAST2 Form 5500 bulk data (FOIA) |
|---|---|
| Form year | 2024 |
| Filing ACK_ID | 20250701104418NAL0006693171001 |
| Dataset last refreshed | July 28, 2026 |
Bulk dataset at askebsa.dol.gov ↗ · Look up the filing on EFAST2 ↗
Filings lag by design: a plan can file up to 9½ months after its year ends, so this is the newest data on file. Why filings lag
Cite this page
401(k) Monitor, "Franklin Electric Co., Inc. Retirement Program: Form 5500 facts", from DOL EFAST2 filing 20250701104418NAL0006693171001, plan year ended December 31, 2024. 401(k) Monitor Score 73 out of 100 (exact value 72.77).