Monro, Inc. 401(k) Review & Grade
Monro, Inc. 401(k) Plan
Fairport, NYOther Services7,355 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$221Employer $ per active participant
$694Employee $ saved per active participant
0.23%Direct admin cost, % of plan assets
$77.4MNet plan assets, end of year
–Average balance per account (account count looks misreported)
Score breakdown
- Employer generosity6.1 / 5012th percentile for employer $ per participant
- Low cost7.4 / 2530th percentile for low admin cost vs. same-size plans
- Employee saving1.5 / 1510th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score15 / 100 · Grade F
This plan vs. peers
Peers: Other Services plans with 2,500–9,999 active participants (42 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 12th |
| Lower admin cost | 30th |
| Employee saving | 10th |
| Peers that auto-enroll | 45% |
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Red flags from the filing
Corrective distributions: the plan refunded $4,117 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Monro put in about $221 per active participant, below the typical peer ($1,132). 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 (0.23% 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.
- 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 | $1,626,165 |
| Participant (employee) contributions | $5,107,576 |
| Other contributions (incl. rollovers in) | $985,748 |
| Administrative expenses paid from the plan | $178,272 |
| Contract administrator fees | $26,717 |
| Investment advisory & management fees | $30,000 |
| Other admin expenses | $8,131 |
| Benefits paid out | $15,063,289 |
| Net assets, start / end of year | $75.4M / $77.4M |
| Active participants, start / end of year | 6,672 / 8,038 |
| Participants with account balances | 1,676 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Freed Maxick, P.C. |
| Employer stock held by plan | $846,398 |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company O | $113,431 reported compensation |
| One Digital Topco LLC DBA Resources | $30,000 reported compensation |
| Freed Maxick Cpas PC | $25,000 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250717101312NAL0000147488001, received 2025-07-17, EIN 16-0838627, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.