Mcwane, Inc. 401(k) Review & Grade
Mcwane Salaried 401(k) Retirement Plan
Birmingham, ALManufacturing1,302 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$3,738Employer $ per active participant
$8,983Employee $ saved per active participant
0.05%Direct admin cost, % of plan assets
$233.4MNet plan assets, end of year
$134,161Average balance per account
Score breakdown
- Employer generosity35.9 / 5072th percentile for employer $ per participant
- Low cost22.1 / 2588th percentile for low admin cost vs. same-size plans
- Employee saving12.9 / 1586th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score78 / 100 · Grade A
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 72th |
| Lower admin cost | 88th |
| Employee saving | 86th |
| Peers that auto-enroll | 59% |
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Red flags from the filing
Corrective distributions: the plan refunded $2,762 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Mcwane put in about $3,738 per active participant, more than the typical peer ($2,320). 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.
- 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 | $4,866,986 |
| Participant (employee) contributions | $11,695,905 |
| Other contributions (incl. rollovers in) | $1,697,933 |
| Administrative expenses paid from the plan | $103,140 |
| Investment advisory & management fees | $212,171 |
| Other admin expenses | $1,000 |
| Benefits paid out | $20,918,748 |
| Net assets, start / end of year | $204.3M / $233.4M |
| Active participants, start / end of year | 1,289 / 1,315 |
| Participants with account balances | 1,740 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Warren Averett LLC |
Largest service providers (Schedule C)
| Merrill Lynch | $174,091 reported compensation |
| Strategic Advisors, Inc. | $38,080 reported compensation |
| Fidelity Investments Institutional | −$110,031 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250619115748NAL0001840515001, received 2025-06-19, EIN 63-0139000, plan #021, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.