Neogen Corporation 401(k) Review & Grade
Neogen 401(k) Retirement Savings Plan
Lansing, MIManufacturing1,610 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$2,136Employer $ per active participant
$5,000Employee $ saved per active participant
0.18%Direct admin cost, % of plan assets
$108.1MNet plan assets, end of year
$59,356Average balance per account
Score breakdown
- Employer generosity23.0 / 5046th percentile for employer $ per participant
- Low cost14.5 / 2558th percentile for low admin cost vs. same-size plans
- Employee saving7.7 / 1552th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score45 / 100 · Grade C
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 46th |
| Lower admin cost | 58th |
| Employee saving | 52th |
| Peers that auto-enroll | 59% |
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Red flags from the filing
Corrective distributions: the plan refunded $400 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Neogen put in about $2,136 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.
- 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 | $3,438,360 |
| Participant (employee) contributions | $8,050,520 |
| Other contributions (incl. rollovers in) | $2,474,238 |
| Administrative expenses paid from the plan | $186,891 |
| Investment advisory & management fees | $102,884 |
| Benefits paid out | $18,461,379 |
| Net assets, start / end of year | $102.2M / $108.1M |
| Active participants, start / end of year | 1,504 / 1,716 |
| Participants with account balances | 1,821 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Rehmann Robson, LLC |
| Employer stock held by plan | $5,203,906 |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $84,007 reported compensation |
| Mma Securities | $66,509 reported compensation |
| Strategic Advisors, Inc. | $36,375 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250827131019NAL0009410961001, received 2025-08-27, EIN 38-2367843, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.