Mgic Investment Corporation 401(k) Review & Grade
Mgic Profit Sharing and Savings Plan
Milwaukee, WIManagement of Companies606 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$13,145Employer $ per active participant
$14,657Employee $ saved per active participant
0.00%Direct admin cost, % of plan assets
$344.7MNet plan assets, end of year
$350,354Average balance per account
Score breakdown
- Employer generosity49.1 / 5098th percentile for employer $ per participant
- Low cost24.8 / 2599th percentile for low admin cost vs. same-size plans
- Employee saving14.5 / 1596th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-10 pts1 issue reported on the filing
Total score81 / 100 · Grade A
This plan vs. peers
Peers: Management of Companies plans with 500–2,499 active participants (172 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 98th |
| Lower admin cost | 99th |
| Employee saving | 96th |
| Peers that auto-enroll | 58% |
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Red flags from the filing
Benefits not paid when due: the plan reported failing to pay some benefits on time.
What to do if you're in this plan
- Mgic Investment put in about $13,145 per active participant, more than the typical peer ($2,492). 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.
- 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 | $7,972,309 |
| Participant (employee) contributions | $8,889,301 |
| Other contributions (incl. rollovers in) | $841,770 |
| Administrative expenses paid from the plan | $11,306 |
| Contract administrator fees | $300 |
| Benefits paid out | $50,175,621 |
| Net assets, start / end of year | $333.3M / $344.7M |
| Active participants, start / end of year | 643 / 570 |
| Participants with account balances | 984 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Cliftonlarsonallen LLP |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $11,306 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251008105504NAL0003212307001, received 2025-10-08, EIN 39-1486475, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.