Mccreary Modern, Inc. 401(k) Review & Grade
Mccreary Modern, Inc. Employees' 401(k) Plan
Newton, NCManufacturing767 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$719Employer $ per active participant
$3,083Employee $ saved per active participant
0.41%Direct admin cost, % of plan assets
$43.1MNet plan assets, end of year
$54,549Average balance per account
Score breakdown
- Employer generosity5.3 / 5011th percentile for employer $ per participant
- Low cost7.5 / 2530th percentile for low admin cost vs. same-size plans
- Employee saving3.6 / 1524th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score13 / 100 · Grade F
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 11th |
| Lower admin cost | 30th |
| Employee saving | 24th |
| 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 ($58,395 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $12,041 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Mccreary Modern put in about $719 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.
- Direct plan expenses (0.41% 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 auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- 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 | $551,501 |
| Participant (employee) contributions | $2,364,773 |
| Other contributions (incl. rollovers in) | $509,884 |
| Administrative expenses paid from the plan | $169,257 |
| Investment advisory & management fees | $75,395 |
| Benefits paid out | $4,886,330 |
| Net assets, start / end of year | $39.9M / $43.1M |
| Active participants, start / end of year | 796 / 738 |
| Participants with account balances | 791 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Smith Leonard, PLLC |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company | $93,862 reported compensation |
| Capfinancial Partners, LLC | $75,395 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015092315NAL0002162979001, received 2025-10-15, EIN 56-1497443, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.