Maysteel Industries, LLC 401(k) Review & Grade
Maysteel Industries, LLC 401(k) Retirement Savings Plan
Allenton, WIManufacturing502 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,183Employer $ per active participant
$3,619Employee $ saved per active participant
0.11%Direct admin cost, % of plan assets
$29.4MNet plan assets, end of year
$45,997Average balance per account
Score breakdown
- Employer generosity11.0 / 5022th percentile for employer $ per participant
- Low cost17.8 / 2571th percentile for low admin cost vs. same-size plans
- Employee saving4.7 / 1532th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-10 pts1 issue reported on the filing
Total score34 / 100 · Grade D
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 22th |
| Lower admin cost | 71th |
| Employee saving | 32th |
| Peers that auto-enroll | 59% |
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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 ($4,360 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
- Maysteel Industries put in about $1,183 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.
- The plan auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- 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 | $594,345 |
| Participant (employee) contributions | $1,818,417 |
| Other contributions (incl. rollovers in) | $663,596 |
| Administrative expenses paid from the plan | $31,879 |
| Contract administrator fees | $25,400 |
| Investment advisory & management fees | $4,029 |
| Other admin expenses | $2,450 |
| Benefits paid out | $4,072,856 |
| Net assets, start / end of year | $27.4M / $29.4M |
| Active participants, start / end of year | 482 / 523 |
| Participants with account balances | 639 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Baker Tilly US, LLP |
Largest service providers (Schedule C)
| Gallagher Benefit Services Inc | $59,346 reported compensation |
| Nova 401(k) Associates | $13,665 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251013102107NAL0001013969001, received 2025-10-13, EIN 80-0961411, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.