Wayne J. Griffin Electric, Inc 401(k) Review & Grade
Wayne J. Griffin Electric, Inc. Retirement Savings Plan
Holliston, MAConstruction1,348 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$2,527Employer $ per active participant
$8,657Employee $ saved per active participant
0.02%Direct admin cost, % of plan assets
$220.2MNet plan assets, end of year
$171,875Average balance per account
Score breakdown
- Employer generosity34.3 / 5069th percentile for employer $ per participant
- Low cost23.5 / 2594th percentile for low admin cost vs. same-size plans
- Employee saving13.4 / 1589th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score61 / 100 · Grade B
This plan vs. peers
Peers: Construction plans with 500–2,499 active participants (498 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 69th |
| Lower admin cost | 94th |
| Employee saving | 89th |
| Peers that auto-enroll | 44% |
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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 $11,241 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Wayne J. Griffin Electric put in about $2,527 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.
- 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 | $3,405,902 |
| Participant (employee) contributions | $11,670,037 |
| Other contributions (incl. rollovers in) | $921,957 |
| Administrative expenses paid from the plan | $51,372 |
| Contract administrator fees | $300 |
| Investment advisory & management fees | $104,079 |
| Benefits paid out | $14,097,930 |
| Net assets, start / end of year | $190.9M / $220.2M |
| Active participants, start / end of year | 1,389 / 1,307 |
| Participants with account balances | 1,281 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Citrin Cooperman & Company LLP |
Largest service providers (Schedule C)
| Strategic Advisors, Inc. | $57,034 reported compensation |
| Mma Securities | $46,698 reported compensation |
| Citrin Cooperman | $5,250 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251003095255NAL0001242225001, received 2025-10-03, EIN 04-2650465, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.