Great Lakes Employer Services, Inc. 401(k) Review & Grade
Great Lakes Employer Services, Inc. 401(k) Profit Sharing Plan
Richmond, MIWholesale Trade548 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$775Employer $ per active participant
$1,563Employee $ saved per active participant
0.35%Direct admin cost, % of plan assets
$17.0MNet plan assets, end of year
–Average balance per account (account count looks misreported)
Score breakdown
- Employer generosity8.1 / 5016th percentile for employer $ per participant
- Low cost8.7 / 2535th percentile for low admin cost vs. same-size plans
- Employee saving1.2 / 158th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score21 / 100 · Grade F
This plan vs. peers
Peers: Wholesale Trade plans with 500–2,499 active participants (603 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 16th |
| Lower admin cost | 35th |
| Employee saving | 8th |
| Peers that auto-enroll | 53% |
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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
- Great Lakes Employer Services put in about $775 per active participant, below the typical peer ($1,792). 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 (0.35% 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 | $424,572 |
| Participant (employee) contributions | $855,983 |
| Other contributions (incl. rollovers in) | – |
| Administrative expenses paid from the plan | $54,773 |
| Contract administrator fees | $6,197 |
| Investment advisory & management fees | $34,134 |
| Benefits paid out | $308,179 |
| Net assets, start / end of year | $14.1M / $17.0M |
| Active participants, start / end of year | 542 / 553 |
| Participants with account balances | 199 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Uhy, LLP |
Largest service providers (Schedule C)
| Gregory J Schwartz & Co | $34,134 reported compensation |
| Cpi Qualified Plan Consultants, Inc | $20,639 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250922074634NAL0005711392001, received 2025-09-22, EIN 22-3883675, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.