Iroquois Industries, Inc. 401(k) Review & Grade
Iroquois Industries, Inc. & Affiliates 401(k) Plan
Warren, MIManufacturing600 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$801Employer $ per active participant
$3,569Employee $ saved per active participant
0.43%Direct admin cost, % of plan assets
$31.2MNet plan assets, end of year
$45,619Average balance per account
Score breakdown
- Employer generosity6.2 / 5012th percentile for employer $ per participant
- Low cost7.1 / 2528th percentile for low admin cost vs. same-size plans
- Employee saving4.6 / 1531th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score25 / 100 · Grade F
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 12th |
| Lower admin cost | 28th |
| Employee saving | 31th |
| Peers that auto-enroll | 59% |
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Red flags from the filing
Corrective distributions: the plan refunded $37,437 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Iroquois Industries put in about $801 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.
- Direct plan expenses (0.43% 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.
- 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 | $481,200 |
| Participant (employee) contributions | $2,143,441 |
| Other contributions (incl. rollovers in) | $66,745 |
| Administrative expenses paid from the plan | $128,721 |
| Contract administrator fees | $300 |
| Investment advisory & management fees | $73,966 |
| Benefits paid out | $4,522,412 |
| Net assets, start / end of year | $29.0M / $31.2M |
| Active participants, start / end of year | 570 / 631 |
| Participants with account balances | 685 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Groen,kluka&company, P.C. |
Largest service providers (Schedule C)
| Onedigital Investment Advisors LLC | $58,862 reported compensation |
| Fidelity Investments Institutional | $54,755 reported compensation |
| Straightline | $15,104 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015142215NAL0002443299001, received 2025-10-15, EIN 38-1744499, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.