Palmer Fish Company, Inc. 401(k) Review & Grade
G&c Foods/palmer Food Service - 401(k) Retirement Plan
Rochester, NYWholesale Trade825 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,024Employer $ per active participant
$4,851Employee $ saved per active participant
0.44%Direct admin cost, % of plan assets
$40.9MNet plan assets, end of year
$42,199Average balance per account
Score breakdown
- Employer generosity12.1 / 5024th percentile for employer $ per participant
- Low cost6.8 / 2527th percentile for low admin cost vs. same-size plans
- Employee saving8.0 / 1553th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score24 / 100 · Grade F
This plan vs. peers
Peers: Wholesale Trade plans with 500–2,499 active participants (603 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 24th |
| Lower admin cost | 27th |
| Employee saving | 53th |
| Peers that auto-enroll | 53% |
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Red flags from the filing
Late deposits: the filing says some employee contributions were not sent to the plan on time ($1,122 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $46,885 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Palmer Fish Company put in about $1,024 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 (0.44% 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.
- The plan reported late deposits of employee contributions. Compare your pay stubs with your account statements, and contact the plan administrator if money shows up late.
- 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 | $844,813 |
| Participant (employee) contributions | $4,001,852 |
| Other contributions (incl. rollovers in) | $487,813 |
| Administrative expenses paid from the plan | $167,182 |
| Contract administrator fees | $300 |
| Investment advisory & management fees | $47,344 |
| Other admin expenses | $1,648 |
| Benefits paid out | $4,010,927 |
| Net assets, start / end of year | $35.5M / $40.9M |
| Active participants, start / end of year | 782 / 868 |
| Participants with account balances | 969 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | The Bonadio Group |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $106,190 reported compensation |
| Lawley Retirement Advisors LLC | $35,000 reported compensation |
| Strategic Advisors, Inc. | $12,344 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014113431NAL0003808736001, received 2025-10-14, EIN 16-0581370, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.