Masonite Corporation 401(k) Review & Grade
Masonite Savings Plan
Tampa, FLManufacturing4,736 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$3,022Employer $ per active participant
$4,559Employee $ saved per active participant
0.13%Direct admin cost, % of plan assets
$324.4MNet plan assets, end of year
$62,256Average balance per account
Score breakdown
- Employer generosity21.9 / 5044th percentile for employer $ per participant
- Low cost11.8 / 2547th percentile for low admin cost vs. same-size plans
- Employee saving4.7 / 1531th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score45 / 100 · Grade C
This plan vs. peers
Peers: Manufacturing plans with 2,500–9,999 active participants (566 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 44th |
| Lower admin cost | 47th |
| Employee saving | 31th |
| Peers that auto-enroll | 70% |
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Red flags from the filing
Corrective distributions: the plan refunded $7,602 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Masonite put in about $3,022 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 | $14,311,468 |
| Participant (employee) contributions | $21,594,914 |
| Other contributions (incl. rollovers in) | $2,083,242 |
| Administrative expenses paid from the plan | $415,356 |
| Contract administrator fees | $1,274 |
| Investment advisory & management fees | $80,606 |
| Benefits paid out | $94,582,812 |
| Net assets, start / end of year | $300.2M / $324.4M |
| Active participants, start / end of year | 4,957 / 4,516 |
| Participants with account balances | 5,211 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Windham Brannon, LLC |
Largest service providers (Schedule C)
| Schwab Retirement Plan Services,inc | $352,793 reported compensation |
| NFP Retirement Inc | $20,000 reported compensation |
| Windham Brannon PC | $17,500 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251013141553NAL0003217586001, received 2025-10-13, EIN 64-0198020, plan #101, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.