Ser-Metro Detroit, Jobs for Progress, Inc. 401(k) Review & Grade
Ser-Metro Salary Reduction Plan and Trust
Detroit, MIEducational Services548 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$1,017Employer $ per active participant
$1,118Employee $ saved per active participant
0.60%Direct admin cost, % of plan assets
$8.0MNet plan assets, end of year
–Average balance per account (account count looks misreported)
Score breakdown
- Employer generosity18.2 / 5036th percentile for employer $ per participant
- Low cost4.4 / 2518th percentile for low admin cost vs. same-size plans
- Employee saving2.1 / 1514th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-23 pts3 issues reported on the filing
Total score5 / 100 · Grade F
This plan vs. peers
Peers: Educational Services plans with 500–2,499 active participants (144 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 36th |
| Lower admin cost | 18th |
| Employee saving | 14th |
| Peers that auto-enroll | 37% |
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Red flags from the filing
Late deposits: the filing says some employee contributions were not sent to the plan on time ($46,491 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Benefits not paid when due: the plan reported failing to pay some benefits on time.
Corrective distributions: the plan refunded $17,079 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Ser-Metro Detroit, Jobs for Progress put in about $1,017 per active participant, below the typical peer ($1,225). 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 (0.60% 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.
- The plan reported late deposits of employee contributions. Compare your pay stubs with your account statements, and contact the plan administrator if money shows up late.
- 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 | $558,051 |
| Participant (employee) contributions | $613,236 |
| Other contributions (incl. rollovers in) | $5,265 |
| Administrative expenses paid from the plan | $48,753 |
| Investment advisory & management fees | $2,516 |
| Other admin expenses | $14,650 |
| Benefits paid out | $2,355,835 |
| Net assets, start / end of year | $8.4M / $8.0M |
| Active participants, start / end of year | 412 / 685 |
| Participants with account balances | 234 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | GJC Cpas & Advisors |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $31,587 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20260414113921NAL0024331280001, received 2026-04-14, EIN 38-2080820, plan #001, plan year 2024-07-01 to 2025-06-30. Verify at efast.dol.gov.