Flex-N-Gate LLC 401(k) Review & Grade
Flex-N-Gate Corporation 401(k) Plan
Urbana, ILManufacturing7,470 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$1,464Employer $ per active participant
$2,705Employee $ saved per active participant
0.11%Direct admin cost, % of plan assets
$405.0MNet plan assets, end of year
$60,762Average balance per account
Score breakdown
- Employer generosity8.8 / 5018th percentile for employer $ per participant
- Low cost13.5 / 2554th percentile for low admin cost vs. same-size plans
- Employee saving2.0 / 1513th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-10 pts1 issue reported on the filing
Total score17 / 100 · Grade F
This plan vs. peers
Peers: Manufacturing plans with 2,500–9,999 active participants (566 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 18th |
| Lower admin cost | 54th |
| Employee saving | 13th |
| 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 ($719,645 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
What to do if you're in this plan
- Flex-N-Gate put in about $1,464 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.
- 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 | $10,936,081 |
| Participant (employee) contributions | $20,206,971 |
| Other contributions (incl. rollovers in) | $2,729,629 |
| Administrative expenses paid from the plan | $420,539 |
| Contract administrator fees | $154,813 |
| Investment advisory & management fees | $76,019 |
| Benefits paid out | $34,396,064 |
| Net assets, start / end of year | $354.6M / $405.0M |
| Active participants, start / end of year | 7,921 / 7,018 |
| Participants with account balances | 6,665 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Cliftonlarsonallen LLP |
Largest service providers (Schedule C)
| Newport Group, Inc. | $243,686 reported compensation |
| Newport Trust Company | $112,231 reported compensation |
| PNC Institutional Asset Management | $64,623 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014084131NAL0002335169001, received 2025-10-14, EIN 37-1049734, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.