Ohio Machinery Co. 401(k) Review & Grade
Ohio Machinery Co. Incentive Savings Plan
Broadview Heights, OHOther Services1,204 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$2,540Employer $ per active participant
$6,878Employee $ saved per active participant
0.07%Direct admin cost, % of plan assets
$138.6MNet plan assets, end of year
$101,144Average balance per account
Score breakdown
- Employer generosity38.4 / 5077th percentile for employer $ per participant
- Low cost20.6 / 2582th percentile for low admin cost vs. same-size plans
- Employee saving12.8 / 1586th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score82 / 100 · Grade A
This plan vs. peers
Peers: Other Services plans with 500–2,499 active participants (333 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 77th |
| Lower admin cost | 82th |
| Employee saving | 86th |
| Peers that auto-enroll | 40% |
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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
- Ohio Machinery put in about $2,540 per active participant, more than the typical peer ($1,257). 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 | $3,058,636 |
| Participant (employee) contributions | $8,281,076 |
| Other contributions (incl. rollovers in) | $1,060,710 |
| Administrative expenses paid from the plan | $89,064 |
| Investment advisory & management fees | $37,000 |
| Benefits paid out | $15,931,514 |
| Net assets, start / end of year | $127.6M / $138.6M |
| Active participants, start / end of year | 1,227 / 1,181 |
| Participants with account balances | 1,370 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Plante & Moran, PLLC |
Largest service providers (Schedule C)
| Transamerica Retirement Solutions | $45,274 reported compensation |
| Global Retirement Partners, LLC | $37,000 reported compensation |
| Plante & Moran, PLLC | $6,790 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251013095926NAL0000449251002, received 2025-10-13, EIN 34-0672363, plan #003, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.