Martin & Bayley, Inc. 401(k) Review & Grade
Martin & Bayley, Inc. 401(k) Plan
Carmi, ILRetail Trade1,990 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$101Employer $ per active participant
$503Employee $ saved per active participant
1.54%Direct admin cost, % of plan assets
$8.1MNet plan assets, end of year
–Average balance per account (account count looks misreported)
Score breakdown
- Employer generosity5.1 / 5010th percentile for employer $ per participant
- Low cost0.6 / 252th percentile for low admin cost vs. same-size plans
- Employee saving0.8 / 155th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score0 / 100 · Grade F
This plan vs. peers
Peers: Retail Trade plans with 500–2,499 active participants (719 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 10th |
| Lower admin cost | 2th |
| Employee saving | 5th |
| Peers that auto-enroll | 48% |
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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 ($79,251 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $43,921 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Martin & Bayley put in about $101 per active participant, below the typical peer ($743). 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.
- Direct plan expenses (1.54% 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 | $201,738 |
| Participant (employee) contributions | $1,000,940 |
| Other contributions (incl. rollovers in) | $137,320 |
| Administrative expenses paid from the plan | $121,064 |
| Investment advisory & management fees | $46,104 |
| Benefits paid out | $1,051,520 |
| Net assets, start / end of year | $7.6M / $8.1M |
| Active participants, start / end of year | 1,477 / 2,503 |
| Participants with account balances | 627 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Katz, Sapper & Miller, LLP |
Largest service providers (Schedule C)
| Adp, Inc. | $74,960 reported compensation |
| LPL Financial | $46,104 reported compensation |
| Adp Broker-Dealer | $0 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20260421100803NAL0001292419001, received 2026-04-21, EIN 37-0948752, plan #003, plan year 2024-04-01 to 2025-03-31. Verify at efast.dol.gov.