Mid-State Machine and Fabricatin 401(k) Review & Grade
Mid-State Machine and Fabricating Corp. 401(k) Plan
Lakeland, FLOther Services914 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,077Employer $ per active participant
$3,145Employee $ saved per active participant
1.07%Direct admin cost, % of plan assets
$15.6MNet plan assets, end of year
$19,087Average balance per account
Score breakdown
- Employer generosity22.4 / 5045th percentile for employer $ per participant
- Low cost1.4 / 256th percentile for low admin cost vs. same-size plans
- Employee saving9.0 / 1560th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score40 / 100 · Grade D
This plan vs. peers
Peers: Other Services plans with 500–2,499 active participants (333 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 45th |
| Lower admin cost | 6th |
| Employee saving | 60th |
| Peers that auto-enroll | 40% |
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Red flags from the filing
Corrective distributions: the plan refunded $192,997 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Mid-State Machine and Fabricatin put in about $1,077 per active participant, below the typical peer ($1,257). 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 (1.07% 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 | $984,144 |
| Participant (employee) contributions | $2,874,233 |
| Other contributions (incl. rollovers in) | $739,077 |
| Administrative expenses paid from the plan | $145,401 |
| Investment advisory & management fees | $52,449 |
| Benefits paid out | $1,789,883 |
| Net assets, start / end of year | $11.6M / $15.6M |
| Active participants, start / end of year | 887 / 941 |
| Participants with account balances | 816 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Hacker, Johnson & Smith PA |
Largest service providers (Schedule C)
| Adp, Inc. | $100,219 reported compensation |
| Ameriprise Financial | $34,555 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251030081038NAL0001122707001, received 2025-10-30, EIN 59-1639133, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.