Norm Reeves, Inc. 401(k) Review & Grade
The Car Group 401(k) Plan
Newport Beach, CARetail Trade1,560 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$518Employer $ per active participant
$3,591Employee $ saved per active participant
0.21%Direct admin cost, % of plan assets
$58.1MNet plan assets, end of year
$26,762Average balance per account
Score breakdown
- Employer generosity19.0 / 5038th percentile for employer $ per participant
- Low cost13.3 / 2553th percentile for low admin cost vs. same-size plans
- Employee saving9.0 / 1560th percentile for employee $ per participant
- Plan features0 / 10No auto-enrollment or default investment reported
- Red-flag deductions-13 pts2 issues reported on the filing
Total score28 / 100 · Grade F
This plan vs. peers
Peers: Retail Trade plans with 500–2,499 active participants (719 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 38th |
| Lower admin cost | 53th |
| Employee saving | 60th |
| Peers that auto-enroll | 48% |
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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 ($111,374 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $25,701 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Norm Reeves put in about $518 per active participant, below the typical peer ($743). 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.
- 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 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 | $807,281 |
| Participant (employee) contributions | $5,599,913 |
| Other contributions (incl. rollovers in) | $1,277,457 |
| Administrative expenses paid from the plan | $111,257 |
| Contract administrator fees | $111,257 |
| Benefits paid out | $5,051,228 |
| Net assets, start / end of year | $49.0M / $58.1M |
| Active participants, start / end of year | 1,461 / 1,658 |
| Participants with account balances | 2,170 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Forvis Mazars, LLP |
Largest service providers (Schedule C)
| Futureplan by Ascensus | $25,299 reported compensation |
| Voya Retiremetn Advisors, LLC | $12,265 reported compensation |
| Morningstar | $5,395 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20260515103204NAL0009200417001, received 2026-05-15, EIN 95-2276602, plan #001, plan year 2024-08-01 to 2025-07-31. Verify at efast.dol.gov.