Midland Paper Company 401(k) Review & Grade
Midland Paper Company 401(k) Plan and Trust
Wheeling, ILWholesale Trade778 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,825Employer $ per active participant
$8,330Employee $ saved per active participant
0.02%Direct admin cost, % of plan assets
$105.7MNet plan assets, end of year
$108,232Average balance per account
Score breakdown
- Employer generosity25.7 / 5051th percentile for employer $ per participant
- Low cost23.6 / 2594th percentile for low admin cost vs. same-size plans
- Employee saving13.2 / 1588th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score70 / 100 · Grade B
This plan vs. peers
Peers: Wholesale Trade plans with 500–2,499 active participants (603 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 51th |
| Lower admin cost | 94th |
| Employee saving | 88th |
| Peers that auto-enroll | 53% |
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Red flags from the filing
Corrective distributions: the plan refunded $10,112 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Midland Paper put in about $1,825 per active participant, more than the typical peer ($1,792). 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 | $1,419,533 |
| Participant (employee) contributions | $6,480,686 |
| Other contributions (incl. rollovers in) | $938,261 |
| Administrative expenses paid from the plan | $24,419 |
| Other admin expenses | $16,385 |
| Benefits paid out | $12,596,181 |
| Net assets, start / end of year | $96.7M / $105.7M |
| Active participants, start / end of year | 737 / 819 |
| Participants with account balances | 977 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Crowe LLP |
Largest service providers (Schedule C)
| Merrill Lynch, Pierce, Fenner and S | $8,034 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014152421NAL0001578723001, received 2025-10-14, EIN 36-2035026, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.