Minnesota AG Power, Inc. DBA Midwest Machinery Co. 401(k) Review & Grade
Midwest Machinery Co. 401(k) Plan
Glencoe, MNWholesale Trade629 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$2,397Employer $ per active participant
$5,458Employee $ saved per active participant
0.34%Direct admin cost, % of plan assets
$56.4MNet plan assets, end of year
$60,803Average balance per account
Score breakdown
- Employer generosity31.6 / 5063th percentile for employer $ per participant
- Low cost9.0 / 2536th percentile for low admin cost vs. same-size plans
- Employee saving9.2 / 1562th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score60 / 100 · Grade B
This plan vs. peers
Peers: Wholesale Trade plans with 500–2,499 active participants (603 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 63th |
| Lower admin cost | 36th |
| Employee saving | 62th |
| Peers that auto-enroll | 53% |
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Red flags from the filing
No red flags were reported on this filing's compliance questions.
What to do if you're in this plan
- Minnesota AG Power, Inc. DBA Midwest Machinery put in about $2,397 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 | $1,507,795 |
| Participant (employee) contributions | $3,432,930 |
| Other contributions (incl. rollovers in) | $346,692 |
| Administrative expenses paid from the plan | $179,851 |
| Investment advisory & management fees | $118,512 |
| Benefits paid out | $3,698,688 |
| Net assets, start / end of year | $48.7M / $56.4M |
| Active participants, start / end of year | 643 / 615 |
| Participants with account balances | 927 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Shaw & Associates |
Largest service providers (Schedule C)
| Dakota Wealth LLC DBA Dakota Wealth | $85,211 reported compensation |
| Empower Annuity Insurance Company | $61,339 reported compensation |
| Empower Advisory Group, LLC | $17,367 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250728093325NAL0000658787001, received 2025-07-28, EIN 20-0145525, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.