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2 critical issues

L3harris Technologies, Inc.

34-0276860· Melbourne, FL· EMPLOYEE BENEFITS COMMITTEE OF L3HARRIS TECHNOLOGIES, INC.· 2024 filing· vs 6 plans your size
C
0/100
Overall grade

Middle of the pack, with clear ways to do better.

–
Fees
not graded
A
Financial Wellness
B
Plan design
F
Compliance
Fees
Estimate only · not graded

Fees aren't disclosed. A typical estimate for a plan with this asset level is 14 bps, but this estimate is not graded.

Not graded
Financial Wellness

Strong savings. Employees put away $12,793/employee a year. That's more than 92% of similar plans.

A
lower92th percentilehigher
Plan design

Covers the basics. A few high-impact features are missing.

B
Employer match
The plan matches employee contributions, the single strongest driver of participation and savings.
Profit sharing
The employer also makes profit-sharing contributions on top of the match.
Automatic enrollment
New hires are enrolled by default. Plans with auto-enroll see much higher participation.
Not safe harbor
The plan has to pass annual IRS nondiscrimination testing, which can cap what owners and higher earners are allowed to contribute.
Default investment (QDIA)
Employees who never pick investments land in a sensible default, usually a target-date fund, instead of cash.
Brokerage window
Employees can invest beyond the core fund menu through a self-directed brokerage account.
Compliance & health

2 critical issues on the latest filing. These need attention.

F
Failed IRS fairness test
The plan failed its annual IRS fairness test and had to refund contributions to higher-paid employees. A safe harbor design eliminates this problem entirely.
Required benefit distribution not paid
The plan failed to pay out benefits on time, which can carry penalties owed to the affected employees.
Fidelity bond below 10% of BOY assets, ERISA 412 violation
The reported ERISA fidelity bond is below the 10%-of-assets guideline based on beginning-of-year assets. Fast-growing plans can look under-bonded on paper; confirm against the plan's current bond coverage.
Failed to pay benefits
The plan failed to pay out benefits on time, which can carry penalties owed to the affected employees.
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EMPLOYEE BENEFITS COMMITTEE OF L3HARRIS TECHNOLOGIES, INC.

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Key insights

  • Strongest area: financial wellness. Strong savings. Employees put away $12,793/employee a year. That's more than 92% of similar plans.
  • Best place to improve: compliance & health. 2 critical issues on the latest filing. These need attention.
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