Milbank Manufacturing Co. 401(k) Review & Grade
Milbank Companies 401(k) Profit Sharing Retirement Plan
Kansas City, MOManufacturing830 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,901Employer $ per active participant
$4,892Employee $ saved per active participant
0.21%Direct admin cost, % of plan assets
$74.2MNet plan assets, end of year
$76,960Average balance per account
Score breakdown
- Employer generosity20.5 / 5041th percentile for employer $ per participant
- Low cost13.3 / 2553th percentile for low admin cost vs. same-size plans
- Employee saving7.4 / 1549th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score51 / 100 · Grade C
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 41th |
| Lower admin cost | 53th |
| Employee saving | 49th |
| 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
- Milbank Manufacturing put in about $1,901 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 | $1,576,541 |
| Participant (employee) contributions | $4,057,897 |
| Other contributions (incl. rollovers in) | $46,775 |
| Administrative expenses paid from the plan | $143,574 |
| Other admin expenses | $143,574 |
| Benefits paid out | $4,925,396 |
| Net assets, start / end of year | $64.6M / $74.2M |
| Active participants, start / end of year | 811 / 848 |
| Participants with account balances | 964 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Pickett, Chaney & Mcmullen, LLP |
Largest service providers (Schedule C)
| The Vanguard Group, Inc. | $119,353 reported compensation |
| Vanguard Advisers Inc. | $28,446 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250724144714NAL0007421488001, received 2025-07-24, EIN 44-0542075, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.