The Middleby Corporation 401(k) Review & Grade
The Middleby Corporation Profit Sharing Plan
Elgin, ILManufacturing5,609 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$934Employer $ per active participant
$4,608Employee $ saved per active participant
0.05%Direct admin cost, % of plan assets
$378.0MNet plan assets, end of year
$61,226Average balance per account
Score breakdown
- Employer generosity5.1 / 5010th percentile for employer $ per participant
- Low cost19.9 / 2579th percentile for low admin cost vs. same-size plans
- Employee saving4.7 / 1532th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-23 pts3 issues reported on the filing
Total score10 / 100 · Grade F
This plan vs. peers
Peers: Manufacturing plans with 2,500–9,999 active participants (566 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 10th |
| Lower admin cost | 79th |
| Employee saving | 32th |
| Peers that auto-enroll | 70% |
Get the monthly 401(k) report card
The best and worst plans, new grades as filings post. One email a month, no spam.
Red flags from the filing
Late deposits: the filing says some employee contributions were not sent to the plan on time ($3,327 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Benefits not paid when due: the plan reported failing to pay some benefits on time.
Corrective distributions: the plan refunded $6,131 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Middleby put in about $934 per active participant, below the typical peer ($3,452). 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 | $5,237,322 |
| Participant (employee) contributions | $25,845,515 |
| Other contributions (incl. rollovers in) | $2,611,046 |
| Administrative expenses paid from the plan | $171,424 |
| Benefits paid out | $46,534,011 |
| Net assets, start / end of year | $338.9M / $378.0M |
| Active participants, start / end of year | 5,074 / 6,144 |
| Participants with account balances | 6,173 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Baker Tilly US, LLP |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $171,424 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015165408NAL0010733986001, received 2025-10-15, EIN 36-3352497, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.