Midland Credit Management, Inc. 401(k) Review & Grade
Midland Credit Management, Inc. 401(k) Retirement Savings Plan
San Diego, CAFinance & Insurance1,377 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,612Employer $ per active participant
$8,405Employee $ saved per active participant
0.14%Direct admin cost, % of plan assets
$167.4MNet plan assets, end of year
$80,985Average balance per account
Score breakdown
- Employer generosity8.0 / 5016th percentile for employer $ per participant
- Low cost16.4 / 2566th percentile for low admin cost vs. same-size plans
- Employee saving9.8 / 1565th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-20 pts2 issues reported on the filing
Total score24 / 100 · Grade F
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 16th |
| Lower admin cost | 66th |
| Employee saving | 65th |
| Peers that auto-enroll | 62% |
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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 ($850,983 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Benefits not paid when due: the plan reported failing to pay some benefits on time.
What to do if you're in this plan
- Midland Credit Management put in about $1,612 per active participant, below the typical peer ($3,606). 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 | $2,220,163 |
| Participant (employee) contributions | $11,573,873 |
| Other contributions (incl. rollovers in) | $1,141,702 |
| Administrative expenses paid from the plan | $214,192 |
| Contract administrator fees | $1,500 |
| Investment advisory & management fees | $54,764 |
| Benefits paid out | $11,500,024 |
| Net assets, start / end of year | $142.9M / $167.4M |
| Active participants, start / end of year | 1,292 / 1,462 |
| Participants with account balances | 2,067 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Baker Tilly US, LLP |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $144,130 reported compensation |
| Onedigital Investment Advisors LLC | $54,764 reported compensation |
| Moss Adams LLP | $19,000 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250918165745NAL0000762979001, received 2025-09-18, EIN 48-0581733, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.