Morgan Properties Payroll Svcs 401(k) Review & Grade
Morgan Properties 401(k) Plan
Conshohocken, PAReal Estate & Rental2,669 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,272Employer $ per active participant
$3,399Employee $ saved per active participant
0.36%Direct admin cost, % of plan assets
$78.0MNet plan assets, end of year
$26,555Average balance per account
Score breakdown
- Employer generosity27.6 / 5055th percentile for employer $ per participant
- Low cost4.5 / 2518th percentile for low admin cost vs. same-size plans
- Employee saving7.7 / 1551th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score47 / 100 · Grade C
This plan vs. peers
Peers: Real Estate & Rental plans with 2,500–9,999 active participants (50 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 55th |
| Lower admin cost | 18th |
| Employee saving | 51th |
| Peers that auto-enroll | 46% |
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Red flags from the filing
Corrective distributions: the plan refunded $211 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Morgan Properties Payroll Svcs put in about $1,272 per active participant, more than the typical peer ($1,141). 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.
- Direct plan expenses (0.36% 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.
- 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 | $3,394,161 |
| Participant (employee) contributions | $9,072,930 |
| Other contributions (incl. rollovers in) | $802,791 |
| Administrative expenses paid from the plan | $255,157 |
| Investment advisory & management fees | $46,089 |
| Benefits paid out | $7,792,532 |
| Net assets, start / end of year | $63.2M / $78.0M |
| Active participants, start / end of year | 2,422 / 2,916 |
| Participants with account balances | 2,937 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Kreischer Miller |
Largest service providers (Schedule C)
| Adp, Inc. | $223,419 reported compensation |
| Kreischer Miller | $17,490 reported compensation |
| 401k Advisors Inc | $14,250 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250926051901NAL0010468944001, received 2025-09-26, EIN 23-2852119, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.