Madison Iaq LLC 401(k) Review & Grade
Madison Air 401(k) Plan
Chicago, ILManufacturing3,188 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,775Employer $ per active participant
$4,949Employee $ saved per active participant
0.13%Direct admin cost, % of plan assets
$279.9MNet plan assets, end of year
$63,524Average balance per account
Score breakdown
- Employer generosity11.9 / 5024th percentile for employer $ per participant
- Low cost12.0 / 2548th percentile for low admin cost vs. same-size plans
- Employee saving5.4 / 1536th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score36 / 100 · Grade D
This plan vs. peers
Peers: Manufacturing plans with 2,500–9,999 active participants (566 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 24th |
| Lower admin cost | 48th |
| Employee saving | 36th |
| Peers that auto-enroll | 70% |
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Red flags from the filing
Corrective distributions: the plan refunded $3,223 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Madison Iaq put in about $1,775 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 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 | $5,658,120 |
| Participant (employee) contributions | $15,774,233 |
| Other contributions (incl. rollovers in) | $1,490,057 |
| Administrative expenses paid from the plan | $313,390 |
| Investment advisory & management fees | $116,608 |
| Benefits paid out | $34,525,147 |
| Net assets, start / end of year | $204.3M / $279.9M |
| Active participants, start / end of year | 2,737 / 3,638 |
| Participants with account balances | 4,406 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Baker Tilly US, LLP |
Largest service providers (Schedule C)
| Schwab Retirement Plan Services,inc | $188,882 reported compensation |
| Truist Bank | $75,822 reported compensation |
| World Investment Advisors, LLC | $29,341 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250818135900NAL0000684403001, received 2025-08-18, EIN 82-3247004, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.