Mears Destination Services, Inc 401(k) Review & Grade
Mears Destination Services, Inc. 401(k) Savings Plan
Orlando, FLTransportation & Warehousing582 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$690Employer $ per active participant
$2,311Employee $ saved per active participant
0.28%Direct admin cost, % of plan assets
$24.5MNet plan assets, end of year
$46,050Average balance per account
Score breakdown
- Employer generosity18.3 / 5037th percentile for employer $ per participant
- Low cost10.7 / 2543th percentile for low admin cost vs. same-size plans
- Employee saving5.3 / 1536th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score41 / 100 · Grade D
This plan vs. peers
Peers: Transportation & Warehousing plans with 500–2,499 active participants (392 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 37th |
| Lower admin cost | 43th |
| Employee saving | 36th |
| Peers that auto-enroll | 37% |
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Red flags from the filing
Corrective distributions: the plan refunded $41,653 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Mears Destination Services put in about $690 per active participant, below the typical peer ($1,070). 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 | $401,515 |
| Participant (employee) contributions | $1,343,752 |
| Other contributions (incl. rollovers in) | $42,911 |
| Administrative expenses paid from the plan | $67,444 |
| Investment advisory & management fees | $18,240 |
| Benefits paid out | $3,810,119 |
| Net assets, start / end of year | $23.4M / $24.5M |
| Active participants, start / end of year | 597 / 566 |
| Participants with account balances | 533 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Withum, Smith & Brown,pc |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company O | $49,204 reported compensation |
| Mariner Institutional LLC | $18,239 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251004102309NAL0003388560001, received 2025-10-04, EIN 59-2260852, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.