Morrissey Hospitality Companies, Inc. 401(k) Review & Grade
Morrissey Hospitality Companies, Inc. 401(k)
ST Paul, MNProfessional, Scientific & Technical Services543 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$592Employer $ per active participant
$1,165Employee $ saved per active participant
0.86%Direct admin cost, % of plan assets
$11.2MNet plan assets, end of year
$14,195Average balance per account
Score breakdown
- Employer generosity7.3 / 5015th percentile for employer $ per participant
- Low cost2.2 / 259th percentile for low admin cost vs. same-size plans
- Employee saving0.9 / 156th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score20 / 100 · Grade F
This plan vs. peers
Peers: Professional, Scientific & Technical Services plans with 500–2,499 active participants (1,469 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 15th |
| Lower admin cost | 9th |
| Employee saving | 6th |
| Peers that auto-enroll | 48% |
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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
- Morrissey Hospitality Companies put in about $592 per active participant, below the typical peer ($3,082). Any match is still an instant return, so contribute enough to get all of it.
- 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 (0.86% of assets) are well above similar-size plans (0.23%). 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 | $321,587 |
| Participant (employee) contributions | $632,460 |
| Other contributions (incl. rollovers in) | $164,346 |
| Administrative expenses paid from the plan | $91,472 |
| Contract administrator fees | $66,655 |
| Investment advisory & management fees | $14,917 |
| Benefits paid out | $1,472,091 |
| Net assets, start / end of year | $10.1M / $11.2M |
| Active participants, start / end of year | 557 / 529 |
| Participants with account balances | 788 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Boyum & Barenscheer Pllp |
Largest service providers (Schedule C)
| Ascensus LLC | $66,655 reported compensation |
| Merrill Lynch Retirement & Benefit | $14,917 reported compensation |
| Boyum & Barenscheer | $9,900 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250925114809NAL0012100258001, received 2025-09-25, EIN 41-1790932, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.