La-Z-Boy Incorporated 401(k) Review & Grade
La-Z-Boy Incorporated Retirement Savings Plan
Monroe, MIManufacturing6,528 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$2,171Employer $ per active participant
$3,100Employee $ saved per active participant
0.23%Direct admin cost, % of plan assets
$351.3MNet plan assets, end of year
$34,575Average balance per account
Score breakdown
- Employer generosity15.5 / 5031th percentile for employer $ per participant
- Low cost7.6 / 2530th percentile for low admin cost vs. same-size plans
- Employee saving2.3 / 1516th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score22 / 100 · Grade F
This plan vs. peers
Peers: Manufacturing plans with 2,500–9,999 active participants (566 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 31th |
| Lower admin cost | 30th |
| Employee saving | 16th |
| Peers that auto-enroll | 70% |
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Red flags from the filing
Late deposits: the filing says some employee contributions were not sent to the plan on time ($914,422 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $316,972 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- La-Z-Boy Incorporated put in about $2,171 per active participant, below the typical peer ($3,452). Any match is still an instant return, so contribute enough to get all of it.
- 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.
- Direct plan expenses (0.23% of assets) are well above similar-size plans (0.12%). Check your annual fee disclosure, choose low-cost index funds if you can, and think about whether savings beyond the match belong in an IRA.
- The plan auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- The plan reported late deposits of employee contributions. Compare your pay stubs with your account statements, and contact the plan administrator if money shows up late.
- 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 | $14,173,640 |
| Participant (employee) contributions | $20,237,027 |
| Other contributions (incl. rollovers in) | $2,231,598 |
| Administrative expenses paid from the plan | $750,039 |
| Investment advisory & management fees | $85,846 |
| Other admin expenses | $6,719 |
| Benefits paid out | $36,347,851 |
| Net assets, start / end of year | $312.3M / $351.3M |
| Active participants, start / end of year | 6,446 / 6,609 |
| Participants with account balances | 10,160 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Cliftonlarsonallen LLP |
| Employer stock held by plan | $8,417,011 |
Largest service providers (Schedule C)
| Merrill Lynch, Pierce, Fenner and S | $645,661 reported compensation |
| Rocaton Investment Advisors, LLC | $93,174 reported compensation |
| Cliftonlarsonallen LLP | $11,813 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014135944NAL0004157904001, received 2025-10-14, EIN 38-0751137, plan #015, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.