The Bernick Companies 401(k) Review & Grade
The Bernick Companies Profit Sharing 401(k) Plan
ST. Cloud, MNManufacturing656 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,575Employer $ per active participant
$4,686Employee $ saved per active participant
0.38%Direct admin cost, % of plan assets
$64.3MNet plan assets, end of year
$48,385Average balance per account
Score breakdown
- Employer generosity16.1 / 5032th percentile for employer $ per participant
- Low cost8.2 / 2533th percentile for low admin cost vs. same-size plans
- Employee saving7.0 / 1546th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score41 / 100 · Grade D
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 32th |
| Lower admin cost | 33th |
| Employee saving | 46th |
| Peers that auto-enroll | 59% |
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Red flags from the filing
No red flags were reported on this filing's compliance questions.
What to do if you're in this plan
- Bernick Companies put in about $1,575 per active participant, below the typical peer ($2,320). 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 (0.38% 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 | $1,032,719 |
| Participant (employee) contributions | $3,071,635 |
| Other contributions (incl. rollovers in) | $298,508 |
| Administrative expenses paid from the plan | $225,320 |
| Contract administrator fees | $1,200 |
| Investment advisory & management fees | $114,932 |
| Benefits paid out | $3,744,020 |
| Net assets, start / end of year | $55.7M / $64.3M |
| Active participants, start / end of year | 643 / 668 |
| Participants with account balances | 1,328 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | LB Carlson, LLP |
Largest service providers (Schedule C)
| RBC Wealth Management | $114,932 reported compensation |
| Fidelity Investments Institutional | $110,388 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015115843NAL0004468785001, received 2025-10-15, EIN 41-0149440, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.