Jernigan Oil Company, Inc. 401(k) Review & Grade
Jernigan Oil Company, Inc. 401(k) Profit Sharing Plan
Ahoskie, NCRetail Trade588 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$563Employer $ per active participant
$903Employee $ saved per active participant
0.76%Direct admin cost, % of plan assets
$6.5MNet plan assets, end of year
–Average balance per account (account count looks misreported)
Score breakdown
- Employer generosity20.2 / 5040th percentile for employer $ per participant
- Low cost2.7 / 2511th percentile for low admin cost vs. same-size plans
- Employee saving2.0 / 1513th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score28 / 100 · Grade F
This plan vs. peers
Peers: Retail Trade plans with 500–2,499 active participants (719 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 40th |
| Lower admin cost | 11th |
| Employee saving | 13th |
| Peers that auto-enroll | 48% |
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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
- Jernigan Oil Company put in about $563 per active participant, below the typical peer ($743). 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 (0.76% 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 | $331,250 |
| Participant (employee) contributions | $530,991 |
| Other contributions (incl. rollovers in) | $1,937 |
| Administrative expenses paid from the plan | $45,784 |
| Contract administrator fees | $37,542 |
| Benefits paid out | $523,268 |
| Net assets, start / end of year | $5.5M / $6.5M |
| Active participants, start / end of year | 657 / 519 |
| Participants with account balances | 181 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Elliott Group Cpas, PLLC |
Largest service providers (Schedule C)
| Newport Group, Inc. | $45,784 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250905121501NAL0017185201001, received 2025-09-05, EIN 56-0795696, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.