Veit & Company, Inc. 401(k) Review & Grade
Veit 401(k) Plan
Rogers, MNConstruction838 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$2,368Employer $ per active participant
$6,209Employee $ saved per active participant
0.20%Direct admin cost, % of plan assets
$73.3MNet plan assets, end of year
$77,858Average balance per account
Score breakdown
- Employer generosity32.2 / 5064th percentile for employer $ per participant
- Low cost13.4 / 2554th percentile for low admin cost vs. same-size plans
- Employee saving11.6 / 1577th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score67 / 100 · Grade B
This plan vs. peers
Peers: Construction plans with 500–2,499 active participants (498 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 64th |
| Lower admin cost | 54th |
| Employee saving | 77th |
| Peers that auto-enroll | 44% |
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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
- Veit & Company put in about $2,368 per active participant, more than the typical peer ($1,672). 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 | $1,985,291 |
| Participant (employee) contributions | $5,206,484 |
| Other contributions (incl. rollovers in) | $524,221 |
| Administrative expenses paid from the plan | $138,752 |
| Investment advisory & management fees | $50,000 |
| Benefits paid out | $4,691,542 |
| Net assets, start / end of year | $62.4M / $73.3M |
| Active participants, start / end of year | 833 / 844 |
| Participants with account balances | 941 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Wipfli LLP |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company O | $106,973 reported compensation |
| Mma Securities LLC | $50,000 reported compensation |
| Empower Financial Services, Inc. | $20 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251013160956NAL0001688385001, received 2025-10-13, EIN 41-0840260, plan #003, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.