The Cannon Corporation 401(k) Review & Grade
The Cannon Corporation 401(k) Plan
Buffalo, NYProfessional, Scientific & Technical Services1,180 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$2,927Employer $ per active participant
$11,469Employee $ saved per active participant
0.08%Direct admin cost, % of plan assets
$273.6MNet plan assets, end of year
$142,044Average balance per account
Score breakdown
- Employer generosity23.8 / 5048th percentile for employer $ per participant
- Low cost19.5 / 2578th percentile for low admin cost vs. same-size plans
- Employee saving10.5 / 1570th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-10 pts1 issue reported on the filing
Total score54 / 100 · Grade C
This plan vs. peers
Peers: Professional, Scientific & Technical Services plans with 500–2,499 active participants (1,469 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 48th |
| Lower admin cost | 78th |
| Employee saving | 70th |
| Peers that auto-enroll | 48% |
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Red flags from the filing
Benefits not paid when due: the plan reported failing to pay some benefits on time.
What to do if you're in this plan
- Cannon put in about $2,927 per active participant, below the typical peer ($3,082). 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.
- 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 | $3,453,868 |
| Participant (employee) contributions | $13,533,337 |
| Other contributions (incl. rollovers in) | $3,228,645 |
| Administrative expenses paid from the plan | $208,270 |
| Contract administrator fees | $600 |
| Investment advisory & management fees | $68,750 |
| Benefits paid out | $20,076,019 |
| Net assets, start / end of year | $226.6M / $273.6M |
| Active participants, start / end of year | 1,151 / 1,209 |
| Participants with account balances | 1,926 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Jeffrey L Offhaus CPA, LLC |
| Employer stock held by plan | $13,724,600 |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $126,345 reported compensation |
| NFP Retirement | $68,750 reported compensation |
| Jeffrey L Offhaus CPA, LLC | $13,175 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250829102510NAL0019145872001, received 2025-08-29, EIN 16-0698950, plan #003, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.