Magna International of America, Inc. 401(k) Review & Grade
The Magna Group of Companies Retirement Savings Plans
Manufacturing25,106 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$3,104Employer $ per active participant
$5,021Employee $ saved per active participant
0.11%Direct admin cost, % of plan assets
$2.5BNet plan assets, end of year
$81,136Average balance per account
Score breakdown
- Employer generosity12.7 / 5025th percentile for employer $ per participant
- Low cost10.1 / 2540th percentile for low admin cost vs. same-size plans
- Employee saving3.0 / 1520th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-10 pts1 issue reported on the filing
Total score26 / 100 · Grade F
This plan vs. peers
Peers: Manufacturing plans with 10,000+ active participants (151 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 25th |
| Lower admin cost | 40th |
| Employee saving | 20th |
| Peers that auto-enroll | 69% |
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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 ($6,506,812 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
What to do if you're in this plan
- Magna International of America put in about $3,104 per active participant, below the typical peer ($5,480). 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.
- 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 | $77,928,957 |
| Participant (employee) contributions | $126,049,582 |
| Other contributions (incl. rollovers in) | $13,745,498 |
| Administrative expenses paid from the plan | $2,653,286 |
| Contract administrator fees | $1,039,483 |
| Investment advisory & management fees | $1,581,603 |
| Benefits paid out | $289,974,428 |
| Net assets, start / end of year | $2.4B / $2.5B |
| Active participants, start / end of year | 25,008 / 25,203 |
| Participants with account balances | 30,444 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | GJC Cpa's & Advisors |
| Employer stock held by plan | $231,299,317 |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $2,335,135 reported compensation |
| Capfinancial Partners LLC | $159,068 reported compensation |
| Dickinson Wright PLLC | $17,200 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251010134920NAL0004674755004, received 2025-10-10, EIN 98-0095901, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.