Dana Limited 401(k) Review & Grade
Dana Hourly Bargained Retirement and Savings Plan
Maumee, OHManufacturing5,902 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$934Employer $ per active participant
$1,912Employee $ saved per active participant
0.21%Direct admin cost, % of plan assets
$274.8MNet plan assets, end of year
$34,548Average balance per account
Score breakdown
- Employer generosity5.0 / 5010th percentile for employer $ per participant
- Low cost8.3 / 2533th percentile for low admin cost vs. same-size plans
- Employee saving1.1 / 157th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score14 / 100 · Grade F
This plan vs. peers
Peers: Manufacturing plans with 2,500–9,999 active participants (566 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 10th |
| Lower admin cost | 33th |
| Employee saving | 7th |
| Peers that auto-enroll | 70% |
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Red flags from the filing
Corrective distributions: the plan refunded $15,261 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Dana Limited put in about $934 per active participant, below the typical peer ($3,452). 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 (0.21% of assets) are well above similar-size plans (0.12%). 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 | $5,509,257 |
| Participant (employee) contributions | $11,286,425 |
| Other contributions (incl. rollovers in) | $154,589 |
| Administrative expenses paid from the plan | $552,812 |
| Other admin expenses | $552,812 |
| Benefits paid out | $30,338,278 |
| Net assets, start / end of year | $256.1M / $274.8M |
| Active participants, start / end of year | 5,930 / 5,873 |
| Participants with account balances | 7,954 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Rehmaan Robson, LLC |
Largest service providers (Schedule C)
| The Vanguard Group, Inc. | $532,884 reported compensation |
| Goldman Sachs | $25,466 reported compensation |
| Rehmann | $24,270 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251009142947NAL0016354082001, received 2025-10-09, EIN 26-1318190, plan #106, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.