L & M Supply, Inc. 401(k) Review & Grade
L & M Supply Retirement Savings Plan
Grand Rapids, MNRetail Trade686 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$2,798Employer $ per active participant
$3,066Employee $ saved per active participant
0.40%Direct admin cost, % of plan assets
$40.4MNet plan assets, end of year
$48,746Average balance per account
Score breakdown
- Employer generosity46.4 / 5093th percentile for employer $ per participant
- Low cost7.7 / 2531th percentile for low admin cost vs. same-size plans
- Employee saving7.7 / 1552th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score69 / 100 · Grade B
This plan vs. peers
Peers: Retail Trade plans with 500–2,499 active participants (719 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 93th |
| Lower admin cost | 31th |
| Employee saving | 52th |
| Peers that auto-enroll | 48% |
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Red flags from the filing
Corrective distributions: the plan refunded $9,090 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- L & M Supply put in about $2,798 per active participant, more than the typical peer ($743). 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.
- Direct plan expenses (0.40% 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 | $1,918,331 |
| Participant (employee) contributions | $2,101,760 |
| Other contributions (incl. rollovers in) | $626,816 |
| Administrative expenses paid from the plan | $150,055 |
| Contract administrator fees | $150,055 |
| Benefits paid out | $3,534,877 |
| Net assets, start / end of year | $35.1M / $40.4M |
| Active participants, start / end of year | 695 / 676 |
| Participants with account balances | 828 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Eide Bailly LLP |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $150,055 reported compensation |
| Mma Securites LLC | $50,850 reported compensation |
| Morningstar Investment Management L | $0 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251013104638NAL0002531106001, received 2025-10-13, EIN 41-0856419, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.