Mayville Engineering Company, Inc 401(k) Review & Grade
Mayville Engineering Company, Inc. 401(k) Plan
Milwaukee, WIManufacturing2,401 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,409Employer $ per active participant
$3,899Employee $ saved per active participant
0.14%Direct admin cost, % of plan assets
$156.1MNet plan assets, end of year
$58,851Average balance per account
Score breakdown
- Employer generosity14.0 / 5028th percentile for employer $ per participant
- Low cost16.3 / 2565th percentile for low admin cost vs. same-size plans
- Employee saving5.2 / 1535th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score43 / 100 · Grade D
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 28th |
| Lower admin cost | 65th |
| Employee saving | 35th |
| Peers that auto-enroll | 59% |
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Red flags from the filing
Corrective distributions: the plan refunded $30,090 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Mayville Engineering Company put in about $1,409 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.
- 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 | $3,383,829 |
| Participant (employee) contributions | $9,362,316 |
| Other contributions (incl. rollovers in) | $4,678,018 |
| Administrative expenses paid from the plan | $214,735 |
| Contract administrator fees | $214,735 |
| Benefits paid out | $32,645,756 |
| Net assets, start / end of year | $149.6M / $156.1M |
| Active participants, start / end of year | 2,605 / 2,197 |
| Participants with account balances | 2,652 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Wipfli LLP |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $214,735 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250625091858NAL0018542818001, received 2025-06-25, EIN 39-0944729, plan #003, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.