Lear Corporation 401(k) Review & Grade
Lear Corporation Hourly Retirement Savings Plan
Southfield, MIManufacturing6,573 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$751Employer $ per active participant
$1,836Employee $ saved per active participant
0.07%Direct admin cost, % of plan assets
$179.0MNet plan assets, end of year
$37,615Average balance per account
Score breakdown
- Employer generosity4.0 / 508th percentile for employer $ per participant
- Low cost16.6 / 2566th percentile for low admin cost vs. same-size plans
- Employee saving1.0 / 156th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score12 / 100 · Grade F
This plan vs. peers
Peers: Manufacturing plans with 2,500–9,999 active participants (566 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 8th |
| Lower admin cost | 66th |
| Employee saving | 6th |
| Peers that auto-enroll | 70% |
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Red flags from the filing
Prohibited transactions: the plan reported non-exempt transactions with a party in interest.
Corrective distributions: the plan refunded $7,082 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Lear put in about $751 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.
- 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 | $4,935,031 |
| Participant (employee) contributions | $12,066,364 |
| Other contributions (incl. rollovers in) | $515,863 |
| Administrative expenses paid from the plan | $126,911 |
| Investment advisory & management fees | $122,871 |
| Other admin expenses | $1,895 |
| Benefits paid out | $20,431,372 |
| Net assets, start / end of year | $160.9M / $179.0M |
| Active participants, start / end of year | 6,584 / 6,562 |
| Participants with account balances | 4,760 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Ernst & Young LLP |
Largest service providers (Schedule C)
| Empower Advisory Group, LLC | $122,646 reported compensation |
| Empower Annuity Ins. Co. of America | $2,370 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251002073151NAL0000322384001, received 2025-10-02, EIN 13-3386776, plan #020, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.