Promega Corporation 401(k) Review & Grade
Promega Salary Deferral Profit Sharing Plan
Madison, WIManufacturing1,514 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$4,186Employer $ per active participant
$13,011Employee $ saved per active participant
0.06%Direct admin cost, % of plan assets
$418.4MNet plan assets, end of year
$223,163Average balance per account
Score breakdown
- Employer generosity38.4 / 5077th percentile for employer $ per participant
- Low cost20.8 / 2583th percentile for low admin cost vs. same-size plans
- Employee saving14.4 / 1596th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score71 / 100 · Grade B
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 77th |
| Lower admin cost | 83th |
| Employee saving | 96th |
| Peers that auto-enroll | 59% |
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Red flags from the filing
Benefits not paid when due: the plan reported failing to pay some benefits on time.
Corrective distributions: the plan refunded $10,664 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Promega put in about $4,186 per active participant, more than the typical peer ($2,320). 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 | $6,336,986 |
| Participant (employee) contributions | $19,699,135 |
| Other contributions (incl. rollovers in) | $3,400,516 |
| Administrative expenses paid from the plan | $241,404 |
| Contract administrator fees | $300 |
| Investment advisory & management fees | $79,462 |
| Benefits paid out | $15,445,180 |
| Net assets, start / end of year | $342.4M / $418.4M |
| Active participants, start / end of year | 1,507 / 1,521 |
| Participants with account balances | 1,875 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Grant Thornton |
Largest service providers (Schedule C)
| Strategic Advisors, Inc. | $55,462 reported compensation |
| LPL Holdings, Inc | $24,000 reported compensation |
| Grant Thornton LLP | $7,905 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251013104113NAL0001045825001, received 2025-10-13, EIN 39-1388811, plan #004, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.