Myers Industries, Inc. 401(k) Review & Grade
Myers Industries, Inc. Profit Sharing and 401(k) Plan
Akron, OHManufacturing1,984 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$2,396Employer $ per active participant
$4,425Employee $ saved per active participant
0.20%Direct admin cost, % of plan assets
$141.1MNet plan assets, end of year
$58,976Average balance per account
Score breakdown
- Employer generosity25.9 / 5052th percentile for employer $ per participant
- Low cost13.4 / 2554th percentile for low admin cost vs. same-size plans
- Employee saving6.4 / 1543th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score56 / 100 · Grade C
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 52th |
| Lower admin cost | 54th |
| Employee saving | 43th |
| 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
- Myers Industries put in about $2,396 per active participant, more than the typical peer ($2,320). 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.
- 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 | $4,751,485 |
| Participant (employee) contributions | $8,777,765 |
| Other contributions (incl. rollovers in) | $1,398,673 |
| Administrative expenses paid from the plan | $277,084 |
| Contract administrator fees | $262,112 |
| Investment advisory & management fees | $9,972 |
| Benefits paid out | $26,700,922 |
| Net assets, start / end of year | $129.9M / $141.1M |
| Active participants, start / end of year | 2,007 / 1,960 |
| Participants with account balances | 2,392 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Meaden & Moore, LTD. |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $262,112 reported compensation |
| Clearstead Advisors,llc | $15,000 reported compensation |
| Meaden and Moore | $14,000 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251003131408NAL0002348528001, received 2025-10-03, EIN 34-0778636, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.