Morrison Industries, Inc. 401(k) Review & Grade
Morrison Industries, Inc. Retirement Savings Plan
Grand Rapids, MIWholesale Trade588 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,220Employer $ per active participant
$5,535Employee $ saved per active participant
0.47%Direct admin cost, % of plan assets
$35.6MNet plan assets, end of year
$51,440Average balance per account
Score breakdown
- Employer generosity15.9 / 5032th percentile for employer $ per participant
- Low cost6.3 / 2525th percentile for low admin cost vs. same-size plans
- Employee saving9.4 / 1563th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score39 / 100 · Grade D
This plan vs. peers
Peers: Wholesale Trade plans with 500–2,499 active participants (603 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 32th |
| Lower admin cost | 25th |
| Employee saving | 63th |
| Peers that auto-enroll | 53% |
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Red flags from the filing
Corrective distributions: the plan refunded $3,673 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Morrison Industries put in about $1,220 per active participant, below the typical peer ($1,792). 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 (0.47% 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 | $717,711 |
| Participant (employee) contributions | $3,257,566 |
| Other contributions (incl. rollovers in) | $169,729 |
| Administrative expenses paid from the plan | $153,630 |
| Investment advisory & management fees | $60,948 |
| Benefits paid out | $2,734,230 |
| Net assets, start / end of year | $30.2M / $35.6M |
| Active participants, start / end of year | 572 / 605 |
| Participants with account balances | 693 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Plante & Moran, PLLC |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $76,432 reported compensation |
| Wells Fargo Clearing Services LLC | $53,727 reported compensation |
| Plante & Moran, PLLC | $16,250 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250819070824NAL0003712786001, received 2025-08-19, EIN 38-2360979, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.