Meyer Tool, Inc. 401(k) Review & Grade
Meyer Tool 401(k) and Profit Sharing Plan
Cincinnati, OHManufacturing1,342 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$216Employer $ per active participant
$4,252Employee $ saved per active participant
0.05%Direct admin cost, % of plan assets
$82.5MNet plan assets, end of year
$56,053Average balance per account
Score breakdown
- Employer generosity1.6 / 503th percentile for employer $ per participant
- Low cost21.5 / 2586th percentile for low admin cost vs. same-size plans
- Employee saving6.0 / 1540th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score32 / 100 · Grade D
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 3th |
| Lower admin cost | 86th |
| Employee saving | 40th |
| Peers that auto-enroll | 59% |
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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
- Meyer Tool put in about $216 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.
- 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 | $289,302 |
| Participant (employee) contributions | $5,706,141 |
| Other contributions (incl. rollovers in) | $145,726 |
| Administrative expenses paid from the plan | $41,996 |
| Contract administrator fees | $1,200 |
| Investment advisory & management fees | $24,922 |
| Benefits paid out | $7,766,711 |
| Net assets, start / end of year | $73.4M / $82.5M |
| Active participants, start / end of year | 1,239 / 1,445 |
| Participants with account balances | 1,472 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Rudler, PSC |
Largest service providers (Schedule C)
| Strategic Advisors, Inc. | $24,922 reported compensation |
| Fidelity Investments Institutional | $17,074 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251007090503NAL0004359441001, received 2025-10-07, EIN 31-0874289, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.