Innovation Associates, Inc. 401(k) Review & Grade
Innovation Associates 401(k)
Binghamton, NYManufacturing566 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$1,923Employer $ per active participant
$6,551Employee $ saved per active participant
0.19%Direct admin cost, % of plan assets
$27.3MNet plan assets, end of year
$57,484Average balance per account
Score breakdown
- Employer generosity20.8 / 5042th percentile for employer $ per participant
- Low cost13.9 / 2556th percentile for low admin cost vs. same-size plans
- Employee saving10.4 / 1569th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score45 / 100 · Grade C
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 42th |
| Lower admin cost | 56th |
| Employee saving | 69th |
| Peers that auto-enroll | 59% |
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Red flags from the filing
Corrective distributions: the plan refunded $183 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Innovation Associates put in about $1,923 per active participant, below the typical peer ($2,320). 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 | $1,088,226 |
| Participant (employee) contributions | $3,707,724 |
| Other contributions (incl. rollovers in) | $1,372,652 |
| Administrative expenses paid from the plan | $46,122 |
| Investment advisory & management fees | $36,000 |
| Benefits paid out | $3,751,096 |
| Net assets, start / end of year | $21.0M / $27.3M |
| Active participants, start / end of year | 602 / 530 |
| Participants with account balances | 475 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Johnson, Lauder, & Savidge, LLP |
Largest service providers (Schedule C)
| Resources Investment Advisors, LLC | $36,000 reported compensation |
| Charles Schwab Trust Bank | $10,819 reported compensation |
| NBT Bank, N.A. | $10,122 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251013154955NAL0000796611002, received 2025-10-13, EIN 16-1240697, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.