Lessings, Inc. 401(k) Review & Grade
Lessings, Inc. Savings and Security Plan
Great River, NYAccommodation & Food Services988 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$211Employer $ per active participant
$971Employee $ saved per active participant
0.04%Direct admin cost, % of plan assets
$14.4MNet plan assets, end of year
–Average balance per account (account count looks misreported)
Score breakdown
- Employer generosity21.6 / 5043th percentile for employer $ per participant
- Low cost22.3 / 2589th percentile for low admin cost vs. same-size plans
- Employee saving8.9 / 1559th percentile for employee $ per participant
- Plan features0 / 10No auto-enrollment or default investment reported
- Red-flag deductions-13 pts2 issues reported on the filing
Total score40 / 100 · Grade D
This plan vs. peers
Peers: Accommodation & Food Services plans with 500–2,499 active participants (458 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 43th |
| Lower admin cost | 89th |
| Employee saving | 59th |
| Peers that auto-enroll | 17% |
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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 ($9,703 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $287,151 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Lessings put in about $211 per active participant, below the typical peer ($266). 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 | $208,251 |
| Participant (employee) contributions | $959,424 |
| Other contributions (incl. rollovers in) | $0 |
| Administrative expenses paid from the plan | $6,085 |
| Contract administrator fees | $6,085 |
| Benefits paid out | $1,425,938 |
| Net assets, start / end of year | $13.3M / $14.4M |
| Active participants, start / end of year | 923 / 1,054 |
| Participants with account balances | 178 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Galleros Robinson Cpas, LLP |
Largest service providers (Schedule C)
| Voya Retirement Ins & Annty Co | $6,840 reported compensation |
| Morningstar | $6,730 reported compensation |
| Associated Pension Consultants, Inc | $6,464 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014173341NAL0001709763001, received 2025-10-14, EIN 13-5203715, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.