Morgan Corp 401(k) Review & Grade
Morgan Corp 401(k) Profit Sharing Plan
Duncan, SCConstruction622 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,301Employer $ per active participant
$4,993Employee $ saved per active participant
0.08%Direct admin cost, % of plan assets
$28.5MNet plan assets, end of year
$43,433Average balance per account
Score breakdown
- Employer generosity20.4 / 5041th percentile for employer $ per participant
- Low cost19.7 / 2579th percentile for low admin cost vs. same-size plans
- Employee saving9.6 / 1564th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score60 / 100 · Grade B
This plan vs. peers
Peers: Construction plans with 500–2,499 active participants (498 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 41th |
| Lower admin cost | 79th |
| Employee saving | 64th |
| Peers that auto-enroll | 44% |
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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
- Morgan put in about $1,301 per active participant, below the typical peer ($1,672). 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 | $809,772 |
| Participant (employee) contributions | $3,108,314 |
| Other contributions (incl. rollovers in) | $684,613 |
| Administrative expenses paid from the plan | $21,482 |
| Contract administrator fees | $21,482 |
| Benefits paid out | $3,967,360 |
| Net assets, start / end of year | $24.5M / $28.5M |
| Active participants, start / end of year | 633 / 612 |
| Participants with account balances | 657 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Forvis Mazars |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $21,481 reported compensation |
| Principal Securities, Inc | $6,229 reported compensation |
| Wilshire Advisors LLC | $0 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251009094357NAL0003469795001, received 2025-10-09, EIN 57-0523479, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.