Bomnin Automotive, LLC DBA 401(k) Review & Grade
Bomnin Automotive Group 401(k) Plan
Miami, FLRetail Trade704 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$183Employer $ per active participant
$1,778Employee $ saved per active participant
0.15%Direct admin cost, % of plan assets
$6.1MNet plan assets, end of year
–Average balance per account (account count looks misreported)
Score breakdown
- Employer generosity7.4 / 5015th percentile for employer $ per participant
- Low cost16.0 / 2564th percentile for low admin cost vs. same-size plans
- Employee saving4.5 / 1530th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score18 / 100 · Grade F
This plan vs. peers
Peers: Retail Trade plans with 500–2,499 active participants (719 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 15th |
| Lower admin cost | 64th |
| Employee saving | 30th |
| Peers that auto-enroll | 48% |
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Red flags from the filing
Late deposits: the filing says some employee contributions were not sent to the plan on time ($4,270 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $813 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Bomnin Automotive, LLC DBA put in about $183 per active participant, below the typical peer ($743). 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 | $128,666 |
| Participant (employee) contributions | $1,252,264 |
| Other contributions (incl. rollovers in) | $155,007 |
| Administrative expenses paid from the plan | $7,808 |
| Contract administrator fees | $4,500 |
| Investment advisory & management fees | $2,158 |
| Other admin expenses | $1,150 |
| Benefits paid out | $627,779 |
| Net assets, start / end of year | $4.6M / $6.1M |
| Active participants, start / end of year | 622 / 787 |
| Participants with account balances | 287 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | De La Hoz Perez & Barbeito PLLC |
Largest service providers (Schedule C)
| Voya Retirement Insurance & Annuity | $4,700 reported compensation |
| Voya Retirement Advisors | $3,108 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251006165024NAL0003824817001, received 2025-10-06, EIN 81-3872123, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.