Tully Construction Co., Inc. 401(k) Review & Grade
Tully Group Employee Savings and Protection Plan
Flushing, NYConstruction899 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,278Employer $ per active participant
$4,772Employee $ saved per active participant
0.64%Direct admin cost, % of plan assets
$53.9MNet plan assets, end of year
$47,298Average balance per account
Score breakdown
- Employer generosity20.1 / 5040th percentile for employer $ per participant
- Low cost3.8 / 2515th percentile for low admin cost vs. same-size plans
- Employee saving9.0 / 1560th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score43 / 100 · Grade D
This plan vs. peers
Peers: Construction plans with 500–2,499 active participants (498 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 40th |
| Lower admin cost | 15th |
| Employee saving | 60th |
| Peers that auto-enroll | 44% |
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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
- Tully Construction Co. put in about $1,278 per active participant, below the typical peer ($1,672). 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 (0.64% 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 | $1,148,478 |
| Participant (employee) contributions | $4,290,195 |
| Other contributions (incl. rollovers in) | $407,839 |
| Administrative expenses paid from the plan | $324,168 |
| Benefits paid out | $4,470,012 |
| Net assets, start / end of year | $46.8M / $53.9M |
| Active participants, start / end of year | 953 / 845 |
| Participants with account balances | 1,139 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Cohnreznick LLP |
Largest service providers (Schedule C)
| PCS Retirement, LLC | $324,168 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014141419NAL0002991217001, received 2025-10-14, EIN 11-2493726, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.