Spears Manufacturing Co. 401(k) Review & Grade
Spears Manufacturing 401(k) Plan
Sylmar, CAManufacturing1,980 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$583Employer $ per active participant
$1,282Employee $ saved per active participant
0.05%Direct admin cost, % of plan assets
$65.0MNet plan assets, end of year
–Average balance per account (account count looks misreported)
Score breakdown
- Employer generosity4.2 / 508th percentile for employer $ per participant
- Low cost21.7 / 2587th percentile for low admin cost vs. same-size plans
- Employee saving0.8 / 155th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score27 / 100 · Grade F
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 8th |
| Lower admin cost | 87th |
| Employee saving | 5th |
| Peers that auto-enroll | 59% |
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Red flags from the filing
Corrective distributions: the plan refunded $101,894 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Spears Manufacturing put in about $583 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.
- 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.
- 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 | $1,155,209 |
| Participant (employee) contributions | $2,539,300 |
| Other contributions (incl. rollovers in) | $3,319 |
| Administrative expenses paid from the plan | $32,880 |
| Investment advisory & management fees | $13,690 |
| Benefits paid out | $8,622,826 |
| Net assets, start / end of year | $61.9M / $65.0M |
| Active participants, start / end of year | 1,939 / 2,021 |
| Participants with account balances | 647 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Meihaus Cpa,pc |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $19,190 reported compensation |
| Strategic Advisors, Inc. | $13,690 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250905143106NAL0017283521001, received 2025-09-05, EIN 95-2647135, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.