Pelican Products, Inc. 401(k) Review & Grade
Pelican Products 401(k) Plan
Torrance, CAManufacturing1,129 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$2,330Employer $ per active participant
$4,955Employee $ saved per active participant
0.04%Direct admin cost, % of plan assets
$132.3MNet plan assets, end of year
$89,445Average balance per account
Score breakdown
- Employer generosity25.1 / 5050th percentile for employer $ per participant
- Low cost22.9 / 2591th percentile for low admin cost vs. same-size plans
- Employee saving7.6 / 1551th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score46 / 100 · Grade C
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 50th |
| Lower admin cost | 91th |
| Employee saving | 51th |
| Peers that auto-enroll | 59% |
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Red flags from the filing
Benefits not paid when due: the plan reported failing to pay some benefits on time.
Corrective distributions: the plan refunded $2,015 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Pelican Products put in about $2,330 per active participant, more than the typical peer ($2,320). 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 | $2,631,024 |
| Participant (employee) contributions | $5,594,100 |
| Other contributions (incl. rollovers in) | $1,086,683 |
| Administrative expenses paid from the plan | $45,634 |
| Contract administrator fees | $1,200 |
| Investment advisory & management fees | $60,000 |
| Benefits paid out | $17,831,369 |
| Net assets, start / end of year | $119.8M / $132.3M |
| Active participants, start / end of year | 1,034 / 1,224 |
| Participants with account balances | 1,479 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Wright Ford Young |
Largest service providers (Schedule C)
| Sageview Advisory Group LLC | $60,000 reported compensation |
| Fidelity Investments Institutional | −$14,366 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014130210NAL0004016064001, received 2025-10-14, EIN 95-3259634, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.