Petoskey Plastics, Inc. 401(k) Review & Grade
Petoskey Plastics, Inc. Gold Mine 401(k) Retirement Savings Plan
Petoskey, MIManufacturing509 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,635Employer $ per active participant
$3,422Employee $ saved per active participant
0.53%Direct admin cost, % of plan assets
$23.9MNet plan assets, end of year
$33,325Average balance per account
Score breakdown
- Employer generosity16.8 / 5034th percentile for employer $ per participant
- Low cost5.2 / 2521th percentile for low admin cost vs. same-size plans
- Employee saving4.3 / 1529th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score36 / 100 · Grade D
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 34th |
| Lower admin cost | 21th |
| Employee saving | 29th |
| Peers that auto-enroll | 59% |
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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
- Petoskey Plastics put in about $1,635 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.
- Direct plan expenses (0.53% 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 | $832,068 |
| Participant (employee) contributions | $1,742,031 |
| Other contributions (incl. rollovers in) | $5,105 |
| Administrative expenses paid from the plan | $119,689 |
| Investment advisory & management fees | $24,226 |
| Other admin expenses | $3,500 |
| Benefits paid out | $2,344,273 |
| Net assets, start / end of year | $20.9M / $23.9M |
| Active participants, start / end of year | 489 / 529 |
| Participants with account balances | 716 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Cohen and Company LTD. |
Largest service providers (Schedule C)
| Sentinel Benefits Group, Inc. | $84,874 reported compensation |
| Sentinel Pension Advisors | $24,226 reported compensation |
| Charles Schwab Trust Bank | $10,589 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015093007NAL0008531426001, received 2025-10-15, EIN 38-1913723, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.