Memorial Motors, Inc. 401(k) Review & Grade
Doherty Auto Group 401(k) Plan
Lakeland, FLRetail Trade3,072 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$192Employer $ per active participant
$1,127Employee $ saved per active participant
0.77%Direct admin cost, % of plan assets
$25.1MNet plan assets, end of year
–Average balance per account (account count looks misreported)
Score breakdown
- Employer generosity6.6 / 5013th percentile for employer $ per participant
- Low cost1.8 / 257th percentile for low admin cost vs. same-size plans
- Employee saving4.0 / 1526th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score12 / 100 · Grade F
This plan vs. peers
Peers: Retail Trade plans with 2,500–9,999 active participants (183 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 13th |
| Lower admin cost | 7th |
| Employee saving | 26th |
| Peers that auto-enroll | 42% |
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Red flags from the filing
Corrective distributions: the plan refunded $82,574 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Memorial Motors put in about $192 per active participant, below the typical peer ($650). 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.
- Direct plan expenses (0.77% of assets) are well above similar-size plans (0.12%). 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.
- 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 | $590,376 |
| Participant (employee) contributions | $3,462,131 |
| Other contributions (incl. rollovers in) | $398,067 |
| Administrative expenses paid from the plan | $177,344 |
| Contract administrator fees | $177,344 |
| Benefits paid out | $2,534,838 |
| Net assets, start / end of year | $20.8M / $25.1M |
| Active participants, start / end of year | 2,911 / 3,232 |
| Participants with account balances | 677 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Wall Titus, LLC |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $158,119 reported compensation |
| Principal Securities Inc | $45,389 reported compensation |
| Janet A. Panebianco, CPA, PLLC | $29,332 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014161935NAL0003265537001, received 2025-10-14, EIN 59-1602368, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.