Harbor Group Management Co. 401(k) Review & Grade
Harbor Group Management Co. 401(k) Plan
Norfolk, VAReal Estate & Rental1,332 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,504Employer $ per active participant
$4,379Employee $ saved per active participant
0.69%Direct admin cost, % of plan assets
$54.8MNet plan assets, end of year
$29,984Average balance per account
Score breakdown
- Employer generosity27.9 / 5056th percentile for employer $ per participant
- Low cost3.3 / 2513th percentile for low admin cost vs. same-size plans
- Employee saving9.1 / 1560th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score37 / 100 · Grade D
This plan vs. peers
Peers: Real Estate & Rental plans with 500–2,499 active participants (291 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 56th |
| Lower admin cost | 13th |
| Employee saving | 60th |
| Peers that auto-enroll | 47% |
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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 ($2,976 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $64,717 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Harbor Group Management put in about $1,504 per active participant, more than the typical peer ($1,279). 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 (0.69% 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.
- 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 | $2,002,094 |
| Participant (employee) contributions | $5,830,208 |
| Other contributions (incl. rollovers in) | $1,008,396 |
| Administrative expenses paid from the plan | $346,149 |
| Contract administrator fees | $238,819 |
| Investment advisory & management fees | $107,330 |
| Benefits paid out | $5,212,327 |
| Net assets, start / end of year | $45.3M / $54.8M |
| Active participants, start / end of year | 1,281 / 1,382 |
| Participants with account balances | 1,829 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Cherry Bekaert, LLP |
Largest service providers (Schedule C)
| John Hancock | $172,233 reported compensation |
| Cerity Partners Retirement Services | $98,878 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014161847NAL0003384801001, received 2025-10-14, EIN 54-1329081, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.