Icp Construction, Inc. 401(k) Review & Grade
Icp Group 401(k) Savings Plan
Andover, MAManufacturing761 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$2,700Employer $ per active participant
$5,227Employee $ saved per active participant
0.61%Direct admin cost, % of plan assets
$46.7MNet plan assets, end of year
$28,349Average balance per account
Score breakdown
- Employer generosity28.8 / 5058th percentile for employer $ per participant
- Low cost4.2 / 2517th percentile for low admin cost vs. same-size plans
- Employee saving8.2 / 1554th percentile for employee $ per participant
- Plan features0 / 10No auto-enrollment or default investment reported
- Red-flag deductions-10 pts1 issue reported on the filing
Total score31 / 100 · Grade D
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 58th |
| Lower admin cost | 17th |
| Employee saving | 54th |
| Peers that auto-enroll | 59% |
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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 ($204,074 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
- Icp Construction put in about $2,700 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.
- Direct plan expenses (0.61% of assets) are well above similar-size plans (0.23%). 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 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 | $2,054,368 |
| Participant (employee) contributions | $3,977,383 |
| Other contributions (incl. rollovers in) | $347,221 |
| Administrative expenses paid from the plan | $274,427 |
| Contract administrator fees | $274,427 |
| Benefits paid out | $7,429,195 |
| Net assets, start / end of year | $42.9M / $46.7M |
| Active participants, start / end of year | 808 / 714 |
| Participants with account balances | 1,649 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Gray, Gray & Gray, LLP |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company | $137,173 reported compensation |
| Compass 360 | $71,058 reported compensation |
| Gray Gray & Gray, LLP | $30,000 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015161057NAL0002609779001, received 2025-10-15, EIN 04-1143180, plan #004, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.