Magellan USA 401(k) Review & Grade
Magellan USA Retirement Plan
Middletown, OHManufacturing741 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,410Employer $ per active participant
$5,411Employee $ saved per active participant
0.18%Direct admin cost, % of plan assets
$90.6MNet plan assets, end of year
$85,117Average balance per account
Score breakdown
- Employer generosity14.1 / 5028th percentile for employer $ per participant
- Low cost14.2 / 2557th percentile for low admin cost vs. same-size plans
- Employee saving8.6 / 1557th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score44 / 100 · Grade D
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 28th |
| Lower admin cost | 57th |
| Employee saving | 57th |
| Peers that auto-enroll | 59% |
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Red flags from the filing
Corrective distributions: the plan refunded $4,690 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Magellan USA put in about $1,410 per active participant, below the typical peer ($2,320). 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 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 | $1,044,657 |
| Participant (employee) contributions | $4,009,784 |
| Other contributions (incl. rollovers in) | $554,730 |
| Administrative expenses paid from the plan | $160,312 |
| Investment advisory & management fees | $171,689 |
| Benefits paid out | $9,358,540 |
| Net assets, start / end of year | $83.4M / $90.6M |
| Active participants, start / end of year | 709 / 773 |
| Participants with account balances | 1,064 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Efpr Group LLP |
Largest service providers (Schedule C)
| LPL Financial LLC | $171,689 reported compensation |
| Efpr Group, Cpas, PLLC | $14,400 reported compensation |
| Fidelity Investments Institutional | −$25,777 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014180136NAL0001733635001, received 2025-10-14, EIN 31-1464954, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.