First Quality Enterprises Inc. 401(k) Review & Grade
First Quality Savings and Investment Plan
Great Neck, NYManufacturing4,382 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$3,120Employer $ per active participant
$6,354Employee $ saved per active participant
0.08%Direct admin cost, % of plan assets
$466.0MNet plan assets, end of year
$90,579Average balance per account
Score breakdown
- Employer generosity22.4 / 5045th percentile for employer $ per participant
- Low cost16.0 / 2564th percentile for low admin cost vs. same-size plans
- Employee saving8.0 / 1553th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score56 / 100 · Grade C
This plan vs. peers
Peers: Manufacturing plans with 2,500–9,999 active participants (566 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 45th |
| Lower admin cost | 64th |
| Employee saving | 53th |
| Peers that auto-enroll | 70% |
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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
- First Quality Enterprises put in about $3,120 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.
- 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.
- 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 | $13,672,969 |
| Participant (employee) contributions | $27,844,403 |
| Other contributions (incl. rollovers in) | $2,452,026 |
| Administrative expenses paid from the plan | $350,378 |
| Contract administrator fees | $1,715 |
| Investment advisory & management fees | $82,500 |
| Benefits paid out | $40,680,992 |
| Net assets, start / end of year | $404.3M / $466.0M |
| Active participants, start / end of year | 4,235 / 4,530 |
| Participants with account balances | 5,145 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Macias Gini & Oconnell, LLP |
Largest service providers (Schedule C)
| Schwab Retirement Plan Services,inc | $250,088 reported compensation |
| Capfinancial Partners LLC | $82,500 reported compensation |
| Macias Gini and Oconnell LLP | $12,075 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251010180033NAL0004442851001, received 2025-10-10, EIN 23-2744573, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.