Murphy-Hoffman Company 401(k) Review & Grade
Murphy-Hoffman Company Employee Profit Sharing Plan
Leawood, KSWholesale Trade4,675 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$2,947Employer $ per active participant
$5,107Employee $ saved per active participant
0.09%Direct admin cost, % of plan assets
$405.1MNet plan assets, end of year
$71,705Average balance per account
Score breakdown
- Employer generosity29.9 / 5060th percentile for employer $ per participant
- Low cost15.5 / 2562th percentile for low admin cost vs. same-size plans
- Employee saving6.5 / 1543th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score52 / 100 · Grade C
This plan vs. peers
Peers: Wholesale Trade plans with 2,500–9,999 active participants (103 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 60th |
| Lower admin cost | 62th |
| Employee saving | 43th |
| Peers that auto-enroll | 62% |
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Red flags from the filing
Corrective distributions: the plan refunded $1,369 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Murphy-Hoffman put in about $2,947 per active participant, more than the typical peer ($2,459). 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.
- 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 | $13,775,939 |
| Participant (employee) contributions | $23,874,981 |
| Other contributions (incl. rollovers in) | $1,388,786 |
| Administrative expenses paid from the plan | $325,561 |
| Contract administrator fees | $3,300 |
| Investment advisory & management fees | $213,971 |
| Other admin expenses | $24,000 |
| Benefits paid out | $45,329,070 |
| Net assets, start / end of year | $353.9M / $405.1M |
| Active participants, start / end of year | 4,427 / 4,923 |
| Participants with account balances | 5,650 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Pickett, Chaney & Mcmullen, LLP |
Largest service providers (Schedule C)
| Strategic Advisors, Inc. | $213,971 reported compensation |
| Fidelity Investments Institutional | $76,490 reported compensation |
| Onedigital | $24,000 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251006163255NAL0002254723001, received 2025-10-06, EIN 43-1394729, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.