Banner Engineering Corp 401(k) Review & Grade
Banner Engineering Corp. Profit Sharing Retirement Savings Plan and Trust
Plymouth, MNManufacturing1,001 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$3,914Employer $ per active participant
$7,219Employee $ saved per active participant
0.12%Direct admin cost, % of plan assets
$191.6MNet plan assets, end of year
$134,334Average balance per account
Score breakdown
- Employer generosity37.1 / 5074th percentile for employer $ per participant
- Low cost17.3 / 2569th percentile for low admin cost vs. same-size plans
- Employee saving11.3 / 1575th percentile for employee $ per participant
- Plan features0 / 10No auto-enrollment or default investment reported
Total score66 / 100 · Grade B
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 74th |
| Lower admin cost | 69th |
| Employee saving | 75th |
| Peers that auto-enroll | 59% |
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Red flags from the filing
No red flags were reported on this filing's compliance questions.
What to do if you're in this plan
- Banner Engineering put in about $3,914 per active participant, more than the typical peer ($2,320). 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 | $3,917,665 |
| Participant (employee) contributions | $7,226,186 |
| Other contributions (incl. rollovers in) | $626,378 |
| Administrative expenses paid from the plan | $222,329 |
| Investment advisory & management fees | $222,329 |
| Benefits paid out | $22,465,324 |
| Net assets, start / end of year | $176.3M / $191.6M |
| Active participants, start / end of year | 997 / 1,005 |
| Participants with account balances | 1,426 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Bergan KDV |
Largest service providers (Schedule C)
| Vanguard Group Inc. | $118,357 reported compensation |
| Vanguard Advisors Inc. | $58,518 reported compensation |
| Usi Advisors, Inc. | $45,000 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250723173838NAL0009407026001, received 2025-07-23, EIN 41-0907221, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.