Myers Auto Group, LLC 401(k) Review & Grade
Mag 401(k) Plan
West Palm Beach, FLRetail Trade534 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$1,562Employer $ per active participant
$4,457Employee $ saved per active participant
0.59%Direct admin cost, % of plan assets
$17.9MNet plan assets, end of year
$59,921Average balance per account
Score breakdown
- Employer generosity38.4 / 5077th percentile for employer $ per participant
- Low cost4.5 / 2518th percentile for low admin cost vs. same-size plans
- Employee saving11.0 / 1573th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score57 / 100 · Grade C
This plan vs. peers
Peers: Retail Trade plans with 500–2,499 active participants (719 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 77th |
| Lower admin cost | 18th |
| Employee saving | 73th |
| Peers that auto-enroll | 48% |
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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
- Myers Auto Group put in about $1,562 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.
- Direct plan expenses (0.59% of assets) are well above similar-size plans (0.23%). 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 | $833,541 |
| Participant (employee) contributions | $2,378,028 |
| Other contributions (incl. rollovers in) | $593,735 |
| Administrative expenses paid from the plan | $93,592 |
| Contract administrator fees | $93,592 |
| Benefits paid out | $2,020,764 |
| Net assets, start / end of year | $14.1M / $17.9M |
| Active participants, start / end of year | 541 / 526 |
| Participants with account balances | 298 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Holyfield & Thomas LLC |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $97,792 reported compensation |
| Royal Alliance Associates, Inc. | $38,348 reported compensation |
| Definiti, LLC | $18,024 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251007090210NAL0004533569001, received 2025-10-07, EIN 46-1423365, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.