Cowan Systems, LLC 401(k) Review & Grade
Cowan Systems 401k Profit Sharing Plan
Baltimore, MDTransportation & Warehousing1,218 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$87Employer $ per active participant
$2,993Employee $ saved per active participant
0.19%Direct admin cost, % of plan assets
$36.5MNet plan assets, end of year
$40,976Average balance per account
Score breakdown
- Employer generosity2.8 / 506th percentile for employer $ per participant
- Low cost14.1 / 2556th percentile for low admin cost vs. same-size plans
- Employee saving7.4 / 1549th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score24 / 100 · Grade F
This plan vs. peers
Peers: Transportation & Warehousing plans with 500–2,499 active participants (392 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 6th |
| Lower admin cost | 56th |
| Employee saving | 49th |
| Peers that auto-enroll | 37% |
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Red flags from the filing
Corrective distributions: the plan refunded $6,984 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Cowan Systems put in about $87 per active participant, below the typical peer ($1,070). 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.
- 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 | $105,591 |
| Participant (employee) contributions | $3,647,291 |
| Other contributions (incl. rollovers in) | $292,160 |
| Administrative expenses paid from the plan | $68,252 |
| Investment advisory & management fees | $55,418 |
| Benefits paid out | $8,880,197 |
| Net assets, start / end of year | $37.0M / $36.5M |
| Active participants, start / end of year | 2,150 / 287 |
| Participants with account balances | 891 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Grandizio,wilkins,little & Matthews |
Largest service providers (Schedule C)
| Cornerstone Advisory LLP | $55,418 reported compensation |
| Fidelity Investments Institutional | $12,834 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250807121939NAL0010900514001, received 2025-08-07, EIN 56-2537962, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.