Spitzer Management, Inc. 401(k) Review & Grade
Spitzer Management Inc Profit Sharing and Savings Plan
Elyria, OHProfessional, Scientific & Technical Services773 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$3,049Employer $ per active participant
$4,209Employee $ saved per active participant
0.41%Direct admin cost, % of plan assets
$106.2MNet plan assets, end of year
$79,451Average balance per account
Score breakdown
- Employer generosity24.8 / 5050th percentile for employer $ per participant
- Low cost7.5 / 2530th percentile for low admin cost vs. same-size plans
- Employee saving3.2 / 1521th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-10 pts1 issue reported on the filing
Total score36 / 100 · Grade D
This plan vs. peers
Peers: Professional, Scientific & Technical Services plans with 500–2,499 active participants (1,469 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 50th |
| Lower admin cost | 30th |
| Employee saving | 21th |
| Peers that auto-enroll | 48% |
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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 ($6,440 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
What to do if you're in this plan
- Spitzer Management put in about $3,049 per active participant, below the typical peer ($3,082). 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 (0.41% 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 auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- 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 | $2,356,518 |
| Participant (employee) contributions | $3,253,859 |
| Other contributions (incl. rollovers in) | $178,173 |
| Administrative expenses paid from the plan | $396,114 |
| Investment advisory & management fees | $183,284 |
| Other admin expenses | $11,542 |
| Benefits paid out | $5,333,706 |
| Net assets, start / end of year | $88.8M / $106.2M |
| Active participants, start / end of year | 781 / 765 |
| Participants with account balances | 1,337 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Hobe & Lucas, Cpa's |
Largest service providers (Schedule C)
| Spira Benefits, LLC | $179,005 reported compensation |
| First National Bank | $108,284 reported compensation |
| Strategic Wealth Partners | $75,000 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250827133545NAL0009614129001, received 2025-08-27, EIN 34-0795747, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.