Franklin Resources, Inc. 401(k) Review & Grade
Franklin Templeton 401(k) Retirement Plan
San Mateo, CAFinance & Insurance4,522 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$15,027Employer $ per active participant
$19,410Employee $ saved per active participant
0.03%Direct admin cost, % of plan assets
$2.8BNet plan assets, end of year
$422,023Average balance per account
Score breakdown
- Employer generosity48.7 / 5097th percentile for employer $ per participant
- Low cost23.0 / 2592th percentile for low admin cost vs. same-size plans
- Employee saving14.8 / 1598th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score94 / 100 · Grade A
This plan vs. peers
Peers: Finance & Insurance plans with 2,500–9,999 active participants (199 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 97th |
| Lower admin cost | 92th |
| Employee saving | 98th |
| Peers that auto-enroll | 66% |
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Red flags from the filing
Corrective distributions: the plan refunded $3,807 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Franklin Resources put in about $15,027 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.
- 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 | $67,951,500 |
| Participant (employee) contributions | $87,773,061 |
| Other contributions (incl. rollovers in) | $326,562,906 |
| Administrative expenses paid from the plan | $634,681 |
| Investment advisory & management fees | $344,094 |
| Benefits paid out | $190,055,691 |
| Net assets, start / end of year | $2.2B / $2.8B |
| Active participants, start / end of year | 4,661 / 4,383 |
| Participants with account balances | 6,627 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Sc&h Attest Services, P.C. |
| Employer stock held by plan | $30,758,057 |
Largest service providers (Schedule C)
| Merrill Lynch, Pierce, Fenner and S | $290,587 reported compensation |
| Callan LLC | $221,250 reported compensation |
| Gallagher Fiduciary Advisors, LLC | $123,819 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250703132904NAL0001489042001, received 2025-07-03, EIN 13-2670991, plan #003, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.