The Mcgregor Foundation 401(k) Review & Grade
The Mcgregor Retirement Savings Plan
Cleveland, OHHealth Care & Social Assistance505 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$484Employer $ per active participant
$1,708Employee $ saved per active participant
0.88%Direct admin cost, % of plan assets
$8.2MNet plan assets, end of year
–Average balance per account (account count looks misreported)
Score breakdown
- Employer generosity17.2 / 5034th percentile for employer $ per participant
- Low cost2.1 / 258th percentile for low admin cost vs. same-size plans
- Employee saving5.5 / 1537th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score25 / 100 · Grade F
This plan vs. peers
Peers: Health Care & Social Assistance plans with 500–2,499 active participants (1,427 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 34th |
| Lower admin cost | 8th |
| Employee saving | 37th |
| Peers that auto-enroll | 36% |
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Red flags from the filing
Corrective distributions: the plan refunded $854 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Mcgregor Foundation put in about $484 per active participant, below the typical peer ($976). 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 (0.88% 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 | $244,468 |
| Participant (employee) contributions | $862,691 |
| Other contributions (incl. rollovers in) | $573,330 |
| Administrative expenses paid from the plan | $63,572 |
| Other admin expenses | $63,572 |
| Benefits paid out | $410,826 |
| Net assets, start / end of year | $6.2M / $8.2M |
| Active participants, start / end of year | 489 / 521 |
| Participants with account balances | 203 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Citrin Cooperman & Company, LLC |
Largest service providers (Schedule C)
| Oppenheimer & Co. | $31,589 reported compensation |
| The Vanguard Group | $19,875 reported compensation |
| Creative Retirment Systems, Inc | $11,425 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014122931NAL0002896689001, received 2025-10-14, EIN 34-0714356, plan #003, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.