Modine Manufacturing Company 401(k) Review & Grade
Modine Manufacturing Company 401(k) Retirement Plan
Racine, WIManufacturing3,420 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$2,692Employer $ per active participant
$4,922Employee $ saved per active participant
0.12%Direct admin cost, % of plan assets
$407.5MNet plan assets, end of year
$89,288Average balance per account
Score breakdown
- Employer generosity19.9 / 5040th percentile for employer $ per participant
- Low cost13.0 / 2552th percentile for low admin cost vs. same-size plans
- Employee saving5.3 / 1535th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score48 / 100 · Grade C
This plan vs. peers
Peers: Manufacturing plans with 2,500–9,999 active participants (566 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 40th |
| Lower admin cost | 52th |
| Employee saving | 35th |
| Peers that auto-enroll | 70% |
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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
- Modine Manufacturing put in about $2,692 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.
- 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 | $9,204,078 |
| Participant (employee) contributions | $16,830,366 |
| Other contributions (incl. rollovers in) | $4,602,952 |
| Administrative expenses paid from the plan | $443,561 |
| Contract administrator fees | $233,231 |
| Investment advisory & management fees | $51,500 |
| Other admin expenses | $84,965 |
| Benefits paid out | $50,862,911 |
| Net assets, start / end of year | $358.6M / $407.5M |
| Active participants, start / end of year | 3,487 / 3,352 |
| Participants with account balances | 4,564 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Cliftonlarsonallen LLP |
| Employer stock held by plan | $37,102,793 |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $233,231 reported compensation |
| Marquette Associates | $51,500 reported compensation |
| Von Briesen & Roper | $46,670 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251010150849NAL0004356723001, received 2025-10-10, EIN 39-0482000, plan #024, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.