Marine Repair Services of New York, LLC 401(k) Review & Grade
Marine Repair Services of New York, LLC 401(k) Plan
Charleston, SCOther Services626 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$1,575Employer $ per active participant
$2,040Employee $ saved per active participant
0.87%Direct admin cost, % of plan assets
$15.5MNet plan assets, end of year
$25,191Average balance per account
Score breakdown
- Employer generosity29.8 / 5060th percentile for employer $ per participant
- Low cost2.1 / 259th percentile for low admin cost vs. same-size plans
- Employee saving6.1 / 1540th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-10 pts1 issue reported on the filing
Total score31 / 100 · Grade D
This plan vs. peers
Peers: Other Services plans with 500–2,499 active participants (333 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 60th |
| Lower admin cost | 9th |
| Employee saving | 40th |
| Peers that auto-enroll | 40% |
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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 ($40,578 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
- Marine Repair Services of New York put in about $1,575 per active participant, more than the typical peer ($1,257). 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 (0.87% 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 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 | $986,665 |
| Participant (employee) contributions | $1,277,828 |
| Other contributions (incl. rollovers in) | $599,739 |
| Administrative expenses paid from the plan | $117,229 |
| Contract administrator fees | $9,873 |
| Benefits paid out | $618,562 |
| Net assets, start / end of year | $11.4M / $15.5M |
| Active participants, start / end of year | 632 / 621 |
| Participants with account balances | 614 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Cbiz Cpa's P.C. |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company | $38,710 reported compensation |
| Osaic Wealth, Inc | $33,068 reported compensation |
| Marcum LLP | $25,200 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251010103924NAL0004152643001, received 2025-10-10, EIN 92-3104642, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.