Florida East Coast Industries, LLC 401(k) Review & Grade
Florida East Coast Industries, LLC Salary Deferral Plan
Miami, FLTransportation & Warehousing564 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$3,233Employer $ per active participant
$6,560Employee $ saved per active participant
0.06%Direct admin cost, % of plan assets
$47.2MNet plan assets, end of year
$65,510Average balance per account
Score breakdown
- Employer generosity43.4 / 5087th percentile for employer $ per participant
- Low cost21.4 / 2586th percentile for low admin cost vs. same-size plans
- Employee saving12.7 / 1584th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-10 pts1 issue reported on the filing
Total score78 / 100 · Grade A
This plan vs. peers
Peers: Transportation & Warehousing plans with 500–2,499 active participants (392 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 87th |
| Lower admin cost | 86th |
| Employee saving | 84th |
| Peers that auto-enroll | 37% |
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Red flags from the filing
Auditor concern: the independent auditor gave a qualified or adverse opinion.
What to do if you're in this plan
- Florida East Coast Industries put in about $3,233 per active participant, more than the typical peer ($1,070). 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.
- 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 | $1,823,314 |
| Participant (employee) contributions | $3,699,818 |
| Other contributions (incl. rollovers in) | $156,552 |
| Administrative expenses paid from the plan | $24,680 |
| Investment advisory & management fees | $15,000 |
| Benefits paid out | $6,191,382 |
| Net assets, start / end of year | $42.4M / $47.2M |
| Active participants, start / end of year | 558 / 570 |
| Participants with account balances | 721 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Ernst & Young LLP |
Largest service providers (Schedule C)
| Merrill Lynch, Pierce, Fenner and S | $9,680 reported compensation |
| Global Retirement Partners LLC | $7,500 reported compensation |
| Wellth Advisory Services LLC | $7,500 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015192344NAL0002917011001, received 2025-10-15, EIN 20-4427296, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.