Milk Specialties Company 401(k) Review & Grade
Milk Specialties Company Retirement Plan
Eden Prairie, MNManufacturing1,184 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$3,398Employer $ per active participant
$4,945Employee $ saved per active participant
0.37%Direct admin cost, % of plan assets
$66.6MNet plan assets, end of year
$39,411Average balance per account
Score breakdown
- Employer generosity34.0 / 5068th percentile for employer $ per participant
- Low cost8.3 / 2533th percentile for low admin cost vs. same-size plans
- Employee saving7.5 / 1550th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score60 / 100 · Grade B
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 68th |
| Lower admin cost | 33th |
| Employee saving | 50th |
| Peers that auto-enroll | 59% |
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Red flags from the filing
No red flags were reported on this filing's compliance questions.
What to do if you're in this plan
- Milk Specialties put in about $3,398 per active participant, more than the typical peer ($2,320). Contribute at least enough to collect the full match. Skipping it leaves part of your pay on the table.
- 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 (0.37% of assets) are well above similar-size plans (0.23%). 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 | $4,023,564 |
| Participant (employee) contributions | $5,855,128 |
| Other contributions (incl. rollovers in) | $402,573 |
| Administrative expenses paid from the plan | $227,983 |
| Contract administrator fees | $107,854 |
| Investment advisory & management fees | $69,448 |
| Benefits paid out | $8,425,942 |
| Net assets, start / end of year | $57.4M / $66.6M |
| Active participants, start / end of year | 1,166 / 1,202 |
| Participants with account balances | 1,691 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Eide Baily, LLP |
Largest service providers (Schedule C)
| Newport Group, Inc. | $141,790 reported compensation |
| NFP Retirement, Inc. | $58,624 reported compensation |
| Newport Trust Company | $16,745 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250926143810NAL0004058179001, received 2025-09-26, EIN 36-3452006, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.