Morse Operations Inc. 401(k) Review & Grade
Morse Operations, Inc. 401(k) Retirement Savings Plan
Delray Beach, FLRetail Trade2,488 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$800Employer $ per active participant
$4,699Employee $ saved per active participant
0.31%Direct admin cost, % of plan assets
$98.5MNet plan assets, end of year
$34,885Average balance per account
Score breakdown
- Employer generosity26.5 / 5053th percentile for employer $ per participant
- Low cost9.8 / 2539th percentile for low admin cost vs. same-size plans
- Employee saving11.6 / 1577th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score45 / 100 · Grade C
This plan vs. peers
Peers: Retail Trade plans with 500–2,499 active participants (719 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 53th |
| Lower admin cost | 39th |
| Employee saving | 77th |
| Peers that auto-enroll | 48% |
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Red flags from the filing
Benefits not paid when due: the plan reported failing to pay some benefits on time.
Corrective distributions: the plan refunded $2,032 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Morse Operations put in about $800 per active participant, more than the typical peer ($743). Contribute at least enough to collect the full match. Skipping it leaves part of your pay on the table.
- 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 | $1,990,713 |
| Participant (employee) contributions | $11,689,881 |
| Other contributions (incl. rollovers in) | $325,706 |
| Administrative expenses paid from the plan | $284,016 |
| Other admin expenses | $23,999 |
| Benefits paid out | $9,887,753 |
| Net assets, start / end of year | $82.8M / $98.5M |
| Active participants, start / end of year | 2,093 / 2,883 |
| Participants with account balances | 2,823 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Crowe LLP |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $244,267 reported compensation |
| Capfinancial Partner | $23,999 reported compensation |
| Crowe Horwath LLP | $15,750 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250922142734NAL0006210192001, received 2025-09-22, EIN 59-0558323, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.