Iso New England Inc. 401(k) Review & Grade
Iso New England Inc. Supplemental Retirement and Savings Plan
Holyoke, MAUtilities652 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$10,393Employer $ per active participant
$16,185Employee $ saved per active participant
0.06%Direct admin cost, % of plan assets
$321.3MNet plan assets, end of year
$382,033Average balance per account
Score breakdown
- Employer generosity45.3 / 5091th percentile for employer $ per participant
- Low cost21.3 / 2585th percentile for low admin cost vs. same-size plans
- Employee saving14.0 / 1593th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score88 / 100 · Grade A
This plan vs. peers
Peers: Utilities plans with 500–2,499 active participants (75 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 91th |
| Lower admin cost | 85th |
| Employee saving | 93th |
| Peers that auto-enroll | 76% |
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Red flags from the filing
Corrective distributions: the plan refunded $7,672 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Iso New England put in about $10,393 per active participant, more than the typical peer ($6,264). 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.
- The plan auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- 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 | $6,776,546 |
| Participant (employee) contributions | $10,552,786 |
| Other contributions (incl. rollovers in) | $726,400 |
| Administrative expenses paid from the plan | $169,380 |
| Other admin expenses | $78,482 |
| Benefits paid out | $20,335,414 |
| Net assets, start / end of year | $275.6M / $321.3M |
| Active participants, start / end of year | 626 / 678 |
| Participants with account balances | 841 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Meyers Brothers Kalicka, PC |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $90,898 reported compensation |
| Captrust | $78,482 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251008154009NAL0006081809001, received 2025-10-08, EIN 04-3372500, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.