Byrne Dairy, Inc. 401(k) Review & Grade
Byrne Dairy, Inc. and Sonbyrne Sales, Inc. 401(k) Profit Sharing Plan
Lafayette, NYAgriculture, Forestry, Fishing & Hunting1,820 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$723Employer $ per active participant
$2,088Employee $ saved per active participant
0.56%Direct admin cost, % of plan assets
$38.3MNet plan assets, end of year
$17,318Average balance per account
Score breakdown
- Employer generosity23.9 / 5048th percentile for employer $ per participant
- Low cost4.9 / 2520th percentile for low admin cost vs. same-size plans
- Employee saving7.9 / 1553th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score34 / 100 · Grade D
This plan vs. peers
Peers: Agriculture, Forestry, Fishing & Hunting plans with 500–2,499 active participants (118 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 48th |
| Lower admin cost | 20th |
| Employee saving | 53th |
| Peers that auto-enroll | 36% |
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Red flags from the filing
Late deposits: the filing says some employee contributions were not sent to the plan on time ($73,538 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $29,554 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Byrne Dairy put in about $723 per active participant, below the typical peer ($774). 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 (0.56% 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.
- The plan reported late deposits of employee contributions. Compare your pay stubs with your account statements, and contact the plan administrator if money shows up late.
- 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 | $1,315,753 |
| Participant (employee) contributions | $3,802,082 |
| Other contributions (incl. rollovers in) | $572,058 |
| Administrative expenses paid from the plan | $199,745 |
| Investment advisory & management fees | $42,940 |
| Benefits paid out | $4,033,209 |
| Net assets, start / end of year | $33.0M / $38.3M |
| Active participants, start / end of year | 1,772 / 1,869 |
| Participants with account balances | 2,211 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Bowers & Company Cpas PLLC |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company O | $139,805 reported compensation |
| Hazard & Siegel Advisory Services L | $42,030 reported compensation |
| Dermody Burke & Brown Cpas LLC | $17,000 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251013130153NAL0001279313001, received 2025-10-13, EIN 15-0258780, plan #005, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.