Magnit Global Solutions, Inc. 401(k) Review & Grade
Magnit Global Solutions, Inc. and Subsidiaries 401(k) Employee Savings Plan
Folsom, CAAdministrative, Support & Staffing Services25,570 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$89Employer $ per active participant
$3,130Employee $ saved per active participant
0.39%Direct admin cost, % of plan assets
$484.2MNet plan assets, end of year
$18,849Average balance per account
Score breakdown
- Employer generosity20.3 / 5041th percentile for employer $ per participant
- Low cost1.5 / 256th percentile for low admin cost vs. same-size plans
- Employee saving11.7 / 1578th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score41 / 100 · Grade D
This plan vs. peers
Peers: Administrative, Support & Staffing Services plans with 10,000+ active participants (33 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 41th |
| Lower admin cost | 6th |
| Employee saving | 78th |
| Peers that auto-enroll | 36% |
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Red flags from the filing
Corrective distributions: the plan refunded $127,155 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Magnit Global Solutions put in about $89 per active participant, below the typical peer ($271). 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 (0.39% of assets) are well above similar-size plans (0.09%). 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 | $2,268,438 |
| Participant (employee) contributions | $80,047,769 |
| Other contributions (incl. rollovers in) | $12,990,893 |
| Administrative expenses paid from the plan | $1,764,961 |
| Contract administrator fees | $1,764,961 |
| Benefits paid out | $96,806,494 |
| Net assets, start / end of year | $424.8M / $484.2M |
| Active participants, start / end of year | 25,100 / 26,041 |
| Participants with account balances | 25,689 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Baker Tilly US LLP |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $1,817,627 reported compensation |
| Dimeo Scheider & Assoc | $102,050 reported compensation |
| Rehmann | $45,250 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251010121021NAL0004582563001, received 2025-10-10, EIN 27-3835632, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.