Faegre Drinker Biddle & Reath LLP 401(k) Review & Grade
Faegre Drinker Retirement Savings Plan 2
Minneapolis, MNProfessional, Scientific & Technical Services1,310 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$11,119Employer $ per active participant
$10,877Employee $ saved per active participant
0.07%Direct admin cost, % of plan assets
$772.7MNet plan assets, end of year
$430,707Average balance per account
Score breakdown
- Employer generosity46.3 / 5093th percentile for employer $ per participant
- Low cost20.5 / 2582th percentile for low admin cost vs. same-size plans
- Employee saving9.9 / 1566th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score77 / 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 | 93th |
| Lower admin cost | 82th |
| Employee saving | 66th |
| Peers that auto-enroll | 48% |
Red flags from the filing
Corrective distributions: the plan refunded $6,425 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Faegre Drinker Biddle & Reath LLP put in about $11,119 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.
- 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 | $14,560,496 |
| Participant (employee) contributions | $14,243,694 |
| Other contributions (incl. rollovers in) | $3,715,002 |
| Administrative expenses paid from the plan | $503,757 |
| Investment advisory & management fees | $423,222 |
| Benefits paid out | $56,173,845 |
| Net assets, start / end of year | $689.9M / $772.7M |
| Active participants, start / end of year | 1,345 / 1,274 |
| Participants with account balances | 1,794 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Baker Tilly Us,llp |
Largest service providers (Schedule C)
| Compass Capital Management Inc | $152,512 reported compensation |
| Schwab Retirement Plan Services,inc | $80,585 reported compensation |
| Riverbridge Partners LLC | $76,392 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251103124334NAL0003981651003, received 2025-11-03, EIN 41-0244008, plan #033, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.
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