Mcgrath Automotive Group, Inc. 401(k) Review & Grade
Mcgrath Automotive Group, Inc. 401(k) Plan
Cedar Rapids, IARetail Trade668 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,495Employer $ per active participant
$4,235Employee $ saved per active participant
0.38%Direct admin cost, % of plan assets
$49.6MNet plan assets, end of year
$68,283Average balance per account
Score breakdown
- Employer generosity37.7 / 5075th percentile for employer $ per participant
- Low cost8.1 / 2532th percentile for low admin cost vs. same-size plans
- Employee saving10.5 / 1570th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score66 / 100 · Grade B
This plan vs. peers
Peers: Retail Trade plans with 500–2,499 active participants (719 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 75th |
| Lower admin cost | 32th |
| Employee saving | 70th |
| Peers that auto-enroll | 48% |
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Red flags from the filing
No red flags were reported on this filing's compliance questions.
What to do if you're in this plan
- Mcgrath Automotive Group put in about $1,495 per active participant, more than the typical peer ($743). 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.
- Direct plan expenses (0.38% 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.
- 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 | $999,477 |
| Participant (employee) contributions | $2,830,879 |
| Other contributions (incl. rollovers in) | $304,436 |
| Administrative expenses paid from the plan | $179,510 |
| Contract administrator fees | $179,510 |
| Benefits paid out | $5,970,521 |
| Net assets, start / end of year | $45.4M / $49.6M |
| Active participants, start / end of year | 674 / 663 |
| Participants with account balances | 726 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Bghn Associates, P.C. |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $179,510 reported compensation |
| Commonwealth Financial Network | $78,589 reported compensation |
| Wilshire Advisors LLC | $0 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251013093511NAL0000939489001, received 2025-10-13, EIN 42-1035653, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.