Meridian Industries, Inc. 401(k) Review & Grade
Meridian Industries, Inc. Retirement Plan
Milwaukee, WIManufacturing1,050 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,593Employer $ per active participant
$4,531Employee $ saved per active participant
0.23%Direct admin cost, % of plan assets
$82.7MNet plan assets, end of year
$62,727Average balance per account
Score breakdown
- Employer generosity16.4 / 5033th percentile for employer $ per participant
- Low cost12.6 / 2551th percentile for low admin cost vs. same-size plans
- Employee saving6.7 / 1545th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score43 / 100 · Grade D
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 33th |
| Lower admin cost | 51th |
| Employee saving | 45th |
| Peers that auto-enroll | 59% |
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Red flags from the filing
Corrective distributions: the plan refunded $2,268 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Meridian Industries put in about $1,593 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 | $1,671,549 |
| Participant (employee) contributions | $4,754,986 |
| Other contributions (incl. rollovers in) | $219,618 |
| Administrative expenses paid from the plan | $179,104 |
| Contract administrator fees | $129,698 |
| Investment advisory & management fees | $36,000 |
| Other admin expenses | $281 |
| Benefits paid out | $8,955,908 |
| Net assets, start / end of year | $76.1M / $82.7M |
| Active participants, start / end of year | 1,058 / 1,041 |
| Participants with account balances | 1,319 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Wipfli LLP |
Largest service providers (Schedule C)
| John Hancock | $129,698 reported compensation |
| Cerity Partners | $36,000 reported compensation |
| Wipfli LLP | $13,125 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250709082114NAL0012544642001, received 2025-07-09, EIN 39-0732985, plan #005, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.