Modern Automotive Network, LLC 401(k) Review & Grade
Modern Automotive Network 401(k) and Profit Sharing Plan
Winston-Salem, NCRetail Trade897 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$336Employer $ per active participant
$2,575Employee $ saved per active participant
0.39%Direct admin cost, % of plan assets
$26.0MNet plan assets, end of year
$53,498Average balance per account
Score breakdown
- Employer generosity13.0 / 5026th percentile for employer $ per participant
- Low cost7.9 / 2532th percentile for low admin cost vs. same-size plans
- Employee saving6.4 / 1543th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score27 / 100 · Grade F
This plan vs. peers
Peers: Retail Trade plans with 500–2,499 active participants (719 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 26th |
| Lower admin cost | 32th |
| Employee saving | 43th |
| Peers that auto-enroll | 48% |
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Red flags from the filing
Corrective distributions: the plan refunded $84,956 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Modern Automotive Network put in about $336 per active participant, below the typical peer ($743). 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 (0.39% 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.
- 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 | $301,574 |
| Participant (employee) contributions | $2,309,532 |
| Other contributions (incl. rollovers in) | $505,084 |
| Administrative expenses paid from the plan | $97,539 |
| Investment advisory & management fees | $45,147 |
| Benefits paid out | $5,046,798 |
| Net assets, start / end of year | $24.6M / $26.0M |
| Active participants, start / end of year | 814 / 980 |
| Participants with account balances | 486 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Cliftonlarsonallen LLP |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company O | $35,125 reported compensation |
| Oppenheimer & Co Inc | $25,707 reported compensation |
| Empower Advisory Group, LLC | $19,440 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251001095336NAL0031343394001, received 2025-10-01, EIN 56-2274042, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.