Binswanger Enterprises, LLC 401(k) Review & Grade
Binswanger Enterprises, LLC 401(k) Plan
Memphis, TNConstruction592 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$720Employer $ per active participant
$3,541Employee $ saved per active participant
0.65%Direct admin cost, % of plan assets
$22.4MNet plan assets, end of year
$31,058Average balance per account
Score breakdown
- Employer generosity11.8 / 5024th percentile for employer $ per participant
- Low cost3.8 / 2515th percentile for low admin cost vs. same-size plans
- Employee saving6.5 / 1544th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score32 / 100 · Grade D
This plan vs. peers
Peers: Construction plans with 500–2,499 active participants (498 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 24th |
| Lower admin cost | 15th |
| Employee saving | 44th |
| 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
- Binswanger Enterprises put in about $720 per active participant, below the typical peer ($1,672). 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.
- Direct plan expenses (0.65% 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 | $425,696 |
| Participant (employee) contributions | $2,094,565 |
| Other contributions (incl. rollovers in) | $47,112 |
| Administrative expenses paid from the plan | $140,958 |
| Contract administrator fees | $140,958 |
| Benefits paid out | $3,667,165 |
| Net assets, start / end of year | $21.2M / $22.4M |
| Active participants, start / end of year | 613 / 570 |
| Participants with account balances | 721 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Cbiz Cpas P.C. |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $140,958 reported compensation |
| Creative Planning, Inc. | $42,077 reported compensation |
| Creative Planning, LLC | $0 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250919145248NAL0003202016001, received 2025-09-19, EIN 45-2494902, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.