Morningstar, Inc. 401(k) Review & Grade
Morningstar, Inc. 401(k) Plan
Chicago, ILInformation3,419 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$6,492Employer $ per active participant
$13,721Employee $ saved per active participant
0.03%Direct admin cost, % of plan assets
$1.0BNet plan assets, end of year
$197,226Average balance per account
Score breakdown
- Employer generosity39.8 / 5080th percentile for employer $ per participant
- Low cost23.0 / 2592th percentile for low admin cost vs. same-size plans
- Employee saving11.7 / 1578th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score72 / 100 · Grade B
This plan vs. peers
Peers: Information plans with 2,500–9,999 active participants (60 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 80th |
| Lower admin cost | 92th |
| Employee saving | 78th |
| Peers that auto-enroll | 63% |
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Red flags from the filing
Late deposits: the filing says some employee contributions were not sent to the plan on time ($1,995,939 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $27,622 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Morningstar put in about $6,492 per active participant, more than the typical peer ($3,691). 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.
- The plan reported late deposits of employee contributions. Compare your pay stubs with your account statements, and contact the plan administrator if money shows up late.
- 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 | $22,196,416 |
| Participant (employee) contributions | $46,911,741 |
| Other contributions (incl. rollovers in) | $7,974,826 |
| Administrative expenses paid from the plan | $241,014 |
| Benefits paid out | $49,475,981 |
| Net assets, start / end of year | $877.9M / $1.0B |
| Active participants, start / end of year | 3,504 / 3,334 |
| Participants with account balances | 5,188 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | CDH CPA, LLC |
Largest service providers (Schedule C)
| Schwab Retirement Plan Services,inc | $240,776 reported compensation |
| Hightower Advisors LLC | $10,800 reported compensation |
| Charles Schwab & Co., Inc. | $7,502 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014170452NAL0004611680001, received 2025-10-14, EIN 36-3297908, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.