Louis Padnos Iron & Metal Company 401(k) Review & Grade
Louis Padnos Iron & Metal Company Savings and Retirement Plan
Grandville, MIWholesale Trade906 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$2,217Employer $ per active participant
$3,973Employee $ saved per active participant
0.15%Direct admin cost, % of plan assets
$103.0MNet plan assets, end of year
$114,208Average balance per account
Score breakdown
- Employer generosity29.9 / 5060th percentile for employer $ per participant
- Low cost15.6 / 2562th percentile for low admin cost vs. same-size plans
- Employee saving5.8 / 1539th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-10 pts1 issue reported on the filing
Total score44 / 100 · Grade D
This plan vs. peers
Peers: Wholesale Trade plans with 500–2,499 active participants (603 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 60th |
| Lower admin cost | 62th |
| Employee saving | 39th |
| Peers that auto-enroll | 53% |
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Red flags from the filing
Late deposits: the filing says some employee contributions were not sent to the plan on time ($109,263 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
What to do if you're in this plan
- Louis Padnos Iron & Metal put in about $2,217 per active participant, more than the typical peer ($1,792). 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 reported late deposits of employee contributions. Compare your pay stubs with your account statements, and contact the plan administrator if money shows up late.
- 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 | $2,008,895 |
| Participant (employee) contributions | $3,599,492 |
| Other contributions (incl. rollovers in) | $249,807 |
| Administrative expenses paid from the plan | $152,824 |
| Contract administrator fees | $32,647 |
| Investment advisory & management fees | $90,363 |
| Other admin expenses | $12,875 |
| Benefits paid out | $8,321,745 |
| Net assets, start / end of year | $95.0M / $103.0M |
| Active participants, start / end of year | 884 / 928 |
| Participants with account balances | 902 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Bdo USA P.C. |
Largest service providers (Schedule C)
| Granite Group Advisors | $90,363 reported compensation |
| Newport Group, Inc. | $49,585 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251009111614NAL0010840320001, received 2025-10-09, EIN 38-1283690, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.