Gooseneck Implement Company 401(k) Review & Grade
Gooseneck Implement Company Retirement Savings Plan
Minot, NDWholesale Trade546 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$4,055Employer $ per active participant
$6,146Employee $ saved per active participant
0.41%Direct admin cost, % of plan assets
$49.1MNet plan assets, end of year
$68,972Average balance per account
Score breakdown
- Employer generosity41.8 / 5084th percentile for employer $ per participant
- Low cost7.4 / 2530th percentile for low admin cost vs. same-size plans
- Employee saving10.5 / 1570th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score67 / 100 · Grade B
This plan vs. peers
Peers: Wholesale Trade plans with 500–2,499 active participants (603 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 84th |
| Lower admin cost | 30th |
| Employee saving | 70th |
| Peers that auto-enroll | 53% |
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Red flags from the filing
Corrective distributions: the plan refunded $398 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Gooseneck Implement put in about $4,055 per active participant, more than the typical peer ($1,792). Contribute at least enough to collect the full match. Skipping it leaves part of your pay on the table.
- 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 (0.41% 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 | $2,214,162 |
| Participant (employee) contributions | $3,355,951 |
| Other contributions (incl. rollovers in) | $595,333 |
| Administrative expenses paid from the plan | $185,052 |
| Contract administrator fees | $185,052 |
| Benefits paid out | $4,255,769 |
| Net assets, start / end of year | $41.6M / $49.1M |
| Active participants, start / end of year | 555 / 537 |
| Participants with account balances | 712 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Eide Bailly LLP |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company O | $160,105 reported compensation |
| Ascensus Holdings Inc DBA Futurepla | $38,384 reported compensation |
| Empower Advisory Group, LLC | $8,214 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250917125153NAL0000646498001, received 2025-09-17, EIN 11-3690698, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.