Praxis Holding, LLC 401(k) Review & Grade
Praxis Packaging 401(k) Plan
Grand Rapids, MIAdministrative, Support & Staffing Services602 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$747Employer $ per active participant
$1,374Employee $ saved per active participant
1.04%Direct admin cost, % of plan assets
$5.7MNet plan assets, end of year
$10,684Average balance per account
Score breakdown
- Employer generosity26.0 / 5052th percentile for employer $ per participant
- Low cost1.5 / 256th percentile for low admin cost vs. same-size plans
- Employee saving6.3 / 1542th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score41 / 100 · Grade D
This plan vs. peers
Peers: Administrative, Support & Staffing Services plans with 500–2,499 active participants (401 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 52th |
| Lower admin cost | 6th |
| Employee saving | 42th |
| Peers that auto-enroll | 27% |
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Red flags from the filing
Corrective distributions: the plan refunded $44,977 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Praxis Holding put in about $747 per active participant, more than the typical peer ($712). 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.
- Direct plan expenses (1.04% 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 | $449,511 |
| Participant (employee) contributions | $827,057 |
| Other contributions (incl. rollovers in) | $28,933 |
| Administrative expenses paid from the plan | $54,145 |
| Benefits paid out | $770,341 |
| Net assets, start / end of year | $4.7M / $5.7M |
| Active participants, start / end of year | 651 / 553 |
| Participants with account balances | 534 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Kruggel Lawton & Company, LLC |
Largest service providers (Schedule C)
| Transamerica Retirement Solutions | $31,854 reported compensation |
| NFP Retirement, Inc. | $22,291 reported compensation |
| National Financial Services | $0 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251010144633NAL0018865954002, received 2025-10-10, EIN 88-3355641, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.