Mccorvey Sheet Metal Works LP 401(k) Review & Grade
Mccorvey Sheet Metal Works LP Profit Sharing Plan & Trust
Houston, TXManufacturing1,176 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$3,751Employer $ per active participant
$2,097Employee $ saved per active participant
0.33%Direct admin cost, % of plan assets
$45.2MNet plan assets, end of year
$45,379Average balance per account
Score breakdown
- Employer generosity36.0 / 5072th percentile for employer $ per participant
- Low cost9.4 / 2537th percentile for low admin cost vs. same-size plans
- Employee saving1.9 / 1513th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score37 / 100 · Grade D
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 | 37th |
| Employee saving | 13th |
| Peers that auto-enroll | 59% |
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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 ($842,490 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $93,179 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Mccorvey Sheet Metal Works LP put in about $3,751 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 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 | $4,411,394 |
| Participant (employee) contributions | $2,466,462 |
| Other contributions (incl. rollovers in) | $454,893 |
| Administrative expenses paid from the plan | $132,175 |
| Other admin expenses | $89,072 |
| Benefits paid out | $3,046,276 |
| Net assets, start / end of year | $35.8M / $45.2M |
| Active participants, start / end of year | 883 / 1,469 |
| Participants with account balances | 997 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Doeren Mayhew Assurance |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $43,103 reported compensation |
| Merrill Lynch | $0 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015134248NAL0002509315001, received 2025-10-15, EIN 74-1363754, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.