Monroe Truck Equipment, Inc. 401(k) Review & Grade
Monroe Truck Equipment, Inc. Profit Sharing and Savings Plan
Monroe, WIManufacturing800 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,636Employer $ per active participant
$4,221Employee $ saved per active participant
0.24%Direct admin cost, % of plan assets
$54.7MNet plan assets, end of year
$50,515Average balance per account
Score breakdown
- Employer generosity16.9 / 5034th percentile for employer $ per participant
- Low cost12.1 / 2549th percentile for low admin cost vs. same-size plans
- Employee saving6.0 / 1540th percentile for employee $ per participant
- Plan features7 / 10Auto-enrollment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score39 / 100 · Grade D
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 34th |
| Lower admin cost | 49th |
| Employee saving | 40th |
| Peers that auto-enroll | 59% |
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Red flags from the filing
Corrective distributions: the plan refunded $35,180 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Monroe Truck Equipment put in about $1,636 per active participant, below the typical peer ($2,320). 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 | $1,309,330 |
| Participant (employee) contributions | $3,379,201 |
| Other contributions (incl. rollovers in) | $195,987 |
| Administrative expenses paid from the plan | $127,482 |
| Investment advisory & management fees | $38,624 |
| Benefits paid out | $8,430,852 |
| Net assets, start / end of year | $51.4M / $54.7M |
| Active participants, start / end of year | 783 / 818 |
| Participants with account balances | 1,082 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Wipfli LLP |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company O | $88,858 reported compensation |
| Empower Advisory Group, LLC | $20,406 reported compensation |
| Spectrum Investment Advisors Inc | $18,218 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251013113910NAL0001852720001, received 2025-10-13, EIN 39-1133073, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.