Medical Information Technology, Inc 401(k) Review & Grade
Medical Information Technology, Inc. 401(k) Plan
Canton, MAManufacturing3,336 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$0Employer $ per active participant
$5,079Employee $ saved per active participant
0.21%Direct admin cost, % of plan assets
$103.1MNet plan assets, end of year
$36,210Average balance per account
Score breakdown
- Employer generosity0.3 / 501th percentile for employer $ per participant
- Low cost8.2 / 2533th percentile for low admin cost vs. same-size plans
- Employee saving5.6 / 1537th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score21 / 100 · Grade F
This plan vs. peers
Peers: Manufacturing plans with 2,500–9,999 active participants (566 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 1th |
| Lower admin cost | 33th |
| Employee saving | 37th |
| Peers that auto-enroll | 70% |
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Red flags from the filing
Corrective distributions: the plan refunded $17,589 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Medical Information Technology put in about $0 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.
- Direct plan expenses (0.21% of assets) are well above similar-size plans (0.12%). 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.
- 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 | $1,371 |
| Participant (employee) contributions | $16,942,036 |
| Other contributions (incl. rollovers in) | $840,423 |
| Administrative expenses paid from the plan | $192,058 |
| Investment advisory & management fees | $61,617 |
| Other admin expenses | $200 |
| Benefits paid out | $3,473,259 |
| Net assets, start / end of year | $78.3M / $103.1M |
| Active participants, start / end of year | 3,333 / 3,338 |
| Participants with account balances | 2,848 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Wolf & Company, P.C. |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company O | $126,731 reported compensation |
| Creative Planning Holdco LLC DBA CR | $61,617 reported compensation |
| Wolf & Company, P.C. | $3,510 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250729152511NAL0007971634001, received 2025-07-29, EIN 04-2455639, plan #005, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.