Primary Residential Mortgage, Inc. 401(k) Review & Grade
Primary Residential Mortgage, Inc. 401(k) Plan
Salt Lake City, UTManagement of Companies1,082 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$911Employer $ per active participant
$4,142Employee $ saved per active participant
0.58%Direct admin cost, % of plan assets
$81.7MNet plan assets, end of year
$50,004Average balance per account
Score breakdown
- Employer generosity7.9 / 5016th percentile for employer $ per participant
- Low cost4.6 / 2518th percentile for low admin cost vs. same-size plans
- Employee saving5.2 / 1535th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score25 / 100 · Grade F
This plan vs. peers
Peers: Management of Companies plans with 500–2,499 active participants (172 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 16th |
| Lower admin cost | 18th |
| Employee saving | 35th |
| Peers that auto-enroll | 58% |
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Red flags from the filing
Corrective distributions: the plan refunded $25,930 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Primary Residential Mortgage put in about $911 per active participant, below the typical peer ($2,492). 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 (0.58% 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 | $984,896 |
| Participant (employee) contributions | $4,479,036 |
| Other contributions (incl. rollovers in) | $344,338 |
| Administrative expenses paid from the plan | $468,480 |
| Investment advisory & management fees | $298,383 |
| Benefits paid out | $9,675,220 |
| Net assets, start / end of year | $79.1M / $81.7M |
| Active participants, start / end of year | 1,097 / 1,066 |
| Participants with account balances | 1,634 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Forvis Mazars, LLP |
Largest service providers (Schedule C)
| RH Buchanan | $298,383 reported compensation |
| Equity Trust Company | $170,097 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20260202130344NAL0001877283001, received 2026-02-02, EIN 86-0860478, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.