Paul Miller, Inc. 401(k) Review & Grade
Paul Miller & Its Affiliates 401(k) Plan
Parsippany, NJRetail Trade661 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$1,868Employer $ per active participant
$5,942Employee $ saved per active participant
0.44%Direct admin cost, % of plan assets
$44.4MNet plan assets, end of year
$48,171Average balance per account
Score breakdown
- Employer generosity41.7 / 5083th percentile for employer $ per participant
- Low cost6.8 / 2527th percentile for low admin cost vs. same-size plans
- Employee saving13.6 / 1591th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score52 / 100 · Grade C
This plan vs. peers
Peers: Retail Trade plans with 500–2,499 active participants (719 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 83th |
| Lower admin cost | 27th |
| Employee saving | 91th |
| Peers that auto-enroll | 48% |
Get the monthly 401(k) report card
The best and worst plans, new grades as filings post. One email a month, no spam.
Red flags from the filing
Late deposits: the filing says some employee contributions were not sent to the plan on time ($14,425 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $76,574 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Paul Miller put in about $1,868 per active participant, more than the typical peer ($743). 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 (0.44% 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 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 | $1,234,745 |
| Participant (employee) contributions | $3,927,654 |
| Other contributions (incl. rollovers in) | $155,486 |
| Administrative expenses paid from the plan | $177,577 |
| Benefits paid out | $1,998,172 |
| Net assets, start / end of year | $35.9M / $44.4M |
| Active participants, start / end of year | 667 / 655 |
| Participants with account balances | 922 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Withum Smith & Brown |
Largest service providers (Schedule C)
| Nationwide Trust Company | $75,458 reported compensation |
| Morgan Stanley | $52,963 reported compensation |
| Proaccount | $32,450 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014203357NAL0007375426001, received 2025-10-14, EIN 22-2106441, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.