Modern Industries, Inc. 401(k) Review & Grade
Modern Industries, Inc. 401(k) Retirement Savings Plan
Phoenix, AZManufacturing678 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$3,571Employer $ per active participant
$5,277Employee $ saved per active participant
0.07%Direct admin cost, % of plan assets
$51.1MNet plan assets, end of year
$69,425Average balance per account
Score breakdown
- Employer generosity34.8 / 5070th percentile for employer $ per participant
- Low cost20.4 / 2582th percentile for low admin cost vs. same-size plans
- Employee saving8.3 / 1555th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score71 / 100 · Grade B
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 70th |
| Lower admin cost | 82th |
| Employee saving | 55th |
| Peers that auto-enroll | 59% |
Get the monthly 401(k) report card
The best and worst plans, new grades as filings post. One email a month, no spam.
Red flags from the filing
Corrective distributions: the plan refunded $44,007 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Modern Industries put in about $3,571 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 | $2,421,127 |
| Participant (employee) contributions | $3,577,893 |
| Other contributions (incl. rollovers in) | $111,615 |
| Administrative expenses paid from the plan | $33,606 |
| Contract administrator fees | $33,606 |
| Benefits paid out | $5,779,099 |
| Net assets, start / end of year | $45.2M / $51.1M |
| Active participants, start / end of year | 691 / 665 |
| Participants with account balances | 736 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Forvis Mazars, LLP |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $47,781 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251001113134NAL0005901715001, received 2025-10-01, EIN 86-0220615, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.