Iron Mountain Incorporated 401(k) Review & Grade
The Iron Mountain Companies 401(k) Plan
Royersford, PATransportation & Warehousing9,630 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$2,881Employer $ per active participant
$6,104Employee $ saved per active participant
0.11%Direct admin cost, % of plan assets
$943.1MNet plan assets, end of year
$73,526Average balance per account
Score breakdown
- Employer generosity34.0 / 5068th percentile for employer $ per participant
- Low cost13.9 / 2556th percentile for low admin cost vs. same-size plans
- Employee saving10.6 / 1570th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score66 / 100 · Grade B
This plan vs. peers
Peers: Transportation & Warehousing plans with 2,500–9,999 active participants (123 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 68th |
| Lower admin cost | 56th |
| Employee saving | 70th |
| Peers that auto-enroll | 46% |
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Red flags from the filing
Corrective distributions: the plan refunded $58,884 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Iron Mountain Incorporated put in about $2,881 per active participant, more than the typical peer ($1,834). 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 | $27,744,204 |
| Participant (employee) contributions | $58,778,236 |
| Other contributions (incl. rollovers in) | $16,415,845 |
| Administrative expenses paid from the plan | $922,129 |
| Investment advisory & management fees | $179,110 |
| Benefits paid out | $93,427,539 |
| Net assets, start / end of year | $804.6M / $943.1M |
| Active participants, start / end of year | 9,146 / 10,113 |
| Participants with account balances | 12,827 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Grant Thornton LLP |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $684,549 reported compensation |
| Capfinancial Partners, LLC | $90,000 reported compensation |
| Strategic Advisors, Inc. | $89,110 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251010083034NAL0007809057001, received 2025-10-10, EIN 23-2588479, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.