Master Spas, LLC 401(k) Review & Grade
Master Spas, LLC 401(k) Plan
Fort Wayne, INManufacturing782 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$859Employer $ per active participant
$1,461Employee $ saved per active participant
0.19%Direct admin cost, % of plan assets
$15.6MNet plan assets, end of year
–Average balance per account (account count looks misreported)
Score breakdown
- Employer generosity6.8 / 5014th percentile for employer $ per participant
- Low cost13.8 / 2555th percentile for low admin cost vs. same-size plans
- Employee saving1.0 / 156th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score22 / 100 · Grade F
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 14th |
| Lower admin cost | 55th |
| Employee saving | 6th |
| Peers that auto-enroll | 59% |
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Red flags from the filing
Corrective distributions: the plan refunded $211 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Master Spas put in about $859 per active participant, below the typical peer ($2,320). 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.
- 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 | $671,427 |
| Participant (employee) contributions | $1,141,721 |
| Other contributions (incl. rollovers in) | $8,359 |
| Administrative expenses paid from the plan | $27,208 |
| Benefits paid out | $482,306 |
| Net assets, start / end of year | $12.5M / $15.6M |
| Active participants, start / end of year | 800 / 763 |
| Participants with account balances | 336 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Baden, Gage & Schroeder, LLC |
Largest service providers (Schedule C)
| World Investment Advisors | $24,995 reported compensation |
| Retirement Plan Concepts & Services | $7,662 reported compensation |
| Capital Group Retirement Plan Srvs | $3,362 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250930132610NAL0005514227001, received 2025-09-30, EIN 35-1974251, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.