Magid Glove & Safety Manufacturing Company, LLC 401(k) Review & Grade
Magid Glove and Safety Manufacturing Company, LLC 401(k) and Profit Sharing Plan
Romeoville, ILManufacturing704 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$3,174Employer $ per active participant
$3,598Employee $ saved per active participant
0.16%Direct admin cost, % of plan assets
$60.1MNet plan assets, end of year
$90,997Average balance per account
Score breakdown
- Employer generosity32.8 / 5066th percentile for employer $ per participant
- Low cost15.4 / 2562th percentile for low admin cost vs. same-size plans
- Employee saving4.7 / 1531th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score53 / 100 · Grade C
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 66th |
| Lower admin cost | 62th |
| Employee saving | 31th |
| Peers that auto-enroll | 59% |
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Red flags from the filing
Corrective distributions: the plan refunded $10,941 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Magid Glove & Safety Manufacturing Company put in about $3,174 per active participant, more than the typical peer ($2,320). 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.
- 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 | $2,234,267 |
| Participant (employee) contributions | $2,533,125 |
| Other contributions (incl. rollovers in) | $576,316 |
| Administrative expenses paid from the plan | $90,693 |
| Investment advisory & management fees | $86,943 |
| Benefits paid out | $7,177,011 |
| Net assets, start / end of year | $54.2M / $60.1M |
| Active participants, start / end of year | 693 / 715 |
| Participants with account balances | 660 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Wipfli LLP |
Largest service providers (Schedule C)
| Nadler Financial Group Inc | $86,943 reported compensation |
| Charles Schwab & Co., Inc. | $0 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250924143209NAL0007675745001, received 2025-09-24, EIN 36-4057654, plan #003, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.