Leco Corporation 401(k) Review & Grade
Leco Corporation 401(k) Retirement Plan
ST. Joseph, MIManufacturing796 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$3,768Employer $ per active participant
$6,500Employee $ saved per active participant
0.20%Direct admin cost, % of plan assets
$154.2MNet plan assets, end of year
$152,961Average balance per account
Score breakdown
- Employer generosity36.1 / 5072th percentile for employer $ per participant
- Low cost13.7 / 2555th percentile for low admin cost vs. same-size plans
- Employee saving10.3 / 1569th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score70 / 100 · Grade B
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 72th |
| Lower admin cost | 55th |
| Employee saving | 69th |
| 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
- Leco put in about $3,768 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.
- 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 | $2,997,458 |
| Participant (employee) contributions | $5,170,491 |
| Other contributions (incl. rollovers in) | $67,897 |
| Administrative expenses paid from the plan | $291,938 |
| Investment advisory & management fees | $68,250 |
| Benefits paid out | $11,965,741 |
| Net assets, start / end of year | $140.2M / $154.2M |
| Active participants, start / end of year | 784 / 807 |
| Participants with account balances | 1,008 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Bdo USA, P.C. |
Largest service providers (Schedule C)
| Voya Retirement Ins and Annuity Co. | $224,759 reported compensation |
| Stifel, Nicolaus & Co. | $68,250 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250731131126NAL0003086691001, received 2025-07-31, EIN 38-0738518, plan #005, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.