Cassavant Machining, Inc. 401(k) Review & Grade
Cmi Group 401(k) Plan
Phoenix, AZManufacturing502 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$2,725Employer $ per active participant
$5,443Employee $ saved per active participant
0.54%Direct admin cost, % of plan assets
$22.5MNet plan assets, end of year
$31,177Average balance per account
Score breakdown
- Employer generosity29.1 / 5058th percentile for employer $ per participant
- Low cost5.1 / 2521th percentile for low admin cost vs. same-size plans
- Employee saving8.7 / 1558th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score43 / 100 · Grade D
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 58th |
| Lower admin cost | 21th |
| Employee saving | 58th |
| Peers that auto-enroll | 59% |
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Red flags from the filing
Corrective distributions: the plan refunded $233 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Cassavant Machining put in about $2,725 per active participant, more than the typical peer ($2,320). 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.
- Direct plan expenses (0.54% 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.
- 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 | $1,366,425 |
| Participant (employee) contributions | $2,729,683 |
| Other contributions (incl. rollovers in) | $232,944 |
| Administrative expenses paid from the plan | $112,260 |
| Contract administrator fees | $104,544 |
| Benefits paid out | $2,737,413 |
| Net assets, start / end of year | $18.9M / $22.5M |
| Active participants, start / end of year | 472 / 531 |
| Participants with account balances | 723 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Baker Tilly US, LLP |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $85,031 reported compensation |
| Ascensus | $29,324 reported compensation |
| NFP Retirement Inc. | $27,623 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251002095310NAL0000294689001, received 2025-10-02, EIN 86-0905169, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.