Nor-Am, Inc. 401(k) Review & Grade
Nor-Am 401(k) Plan and Trust
Le Mars, IATransportation & Warehousing516 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,232Employer $ per active participant
$2,184Employee $ saved per active participant
0.94%Direct admin cost, % of plan assets
$13.9MNet plan assets, end of year
$25,397Average balance per account
Score breakdown
- Employer generosity27.5 / 5055th percentile for employer $ per participant
- Low cost1.9 / 257th percentile for low admin cost vs. same-size plans
- Employee saving5.0 / 1533th percentile for employee $ per participant
- Plan features7 / 10Auto-enrollment
Total score41 / 100 · Grade D
This plan vs. peers
Peers: Transportation & Warehousing plans with 500–2,499 active participants (392 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 55th |
| Lower admin cost | 7th |
| Employee saving | 33th |
| Peers that auto-enroll | 37% |
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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
- Nor-Am put in about $1,232 per active participant, more than the typical peer ($1,070). 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.
- Direct plan expenses (0.94% 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 | $636,558 |
| Participant (employee) contributions | $1,127,843 |
| Other contributions (incl. rollovers in) | $8,935 |
| Administrative expenses paid from the plan | $117,666 |
| Contract administrator fees | $117,666 |
| Benefits paid out | $590,477 |
| Net assets, start / end of year | $11.2M / $13.9M |
| Active participants, start / end of year | 517 / 516 |
| Participants with account balances | 548 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Santi & Associates, PC |
Largest service providers (Schedule C)
| John Hancock Life Insurance Company | $8,231 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250722173620NAL0006794370001, received 2025-07-22, EIN 42-1472573, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.