Select Milk Producers, Inc. 401(k) Review & Grade
Select Milk Producers, Inc. 401(k) Plan
Dallas, TXAgriculture, Forestry, Fishing & Hunting1,045 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$3,059Employer $ per active participant
$3,949Employee $ saved per active participant
0.55%Direct admin cost, % of plan assets
$36.3MNet plan assets, end of year
$31,997Average balance per account
Score breakdown
- Employer generosity41.9 / 5084th percentile for employer $ per participant
- Low cost5.0 / 2520th percentile for low admin cost vs. same-size plans
- Employee saving10.9 / 1573th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score65 / 100 · Grade B
This plan vs. peers
Peers: Agriculture, Forestry, Fishing & Hunting plans with 500–2,499 active participants (118 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 84th |
| Lower admin cost | 20th |
| Employee saving | 73th |
| Peers that auto-enroll | 36% |
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Red flags from the filing
Corrective distributions: the plan refunded $1,352 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Select Milk Producers put in about $3,059 per active participant, more than the typical peer ($774). 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 (0.55% 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 | $3,196,950 |
| Participant (employee) contributions | $4,126,323 |
| Other contributions (incl. rollovers in) | $661,460 |
| Administrative expenses paid from the plan | $181,506 |
| Investment advisory & management fees | $2,632 |
| Other admin expenses | $113,269 |
| Benefits paid out | $4,957,070 |
| Net assets, start / end of year | $29.6M / $36.3M |
| Active participants, start / end of year | 956 / 1,134 |
| Participants with account balances | 1,135 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Clifton Larson Allen |
Largest service providers (Schedule C)
| Mercer (US) Inc Mercer Investments | $113,269 reported compensation |
| Empower Annuity Insurance Company O | $60,705 reported compensation |
| Clifton Larsonallen, LLP | $4,900 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250915121430NAL0001744000001, received 2025-09-15, EIN 85-0425525, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.