The Walman Optical Company 401(k) Review & Grade
The Walman Optical Company 401(k) Plan
Minneapolis, MNManufacturing709 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$2,916Employer $ per active participant
$3,587Employee $ saved per active participant
0.50%Direct admin cost, % of plan assets
$1.7MNet plan assets, end of year
–Average balance per account (account count looks misreported)
Score breakdown
- Employer generosity30.9 / 5062th percentile for employer $ per participant
- Low cost5.8 / 2523th percentile for low admin cost vs. same-size plans
- Employee saving4.7 / 1531th percentile for employee $ per participant
- Plan features0 / 10No auto-enrollment or default investment reported
Total score41 / 100 · Grade D
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 62th |
| Lower admin cost | 23th |
| Employee saving | 31th |
| Peers that auto-enroll | 59% |
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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
- Walman Optical put in about $2,916 per active participant, more than the typical peer ($2,320). 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 (0.50% 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 | $2,067,666 |
| Participant (employee) contributions | $2,543,058 |
| Other contributions (incl. rollovers in) | $1,746,393 |
| Administrative expenses paid from the plan | $266,907 |
| Investment advisory & management fees | $52,000 |
| Benefits paid out | $23,995,440 |
| Net assets, start / end of year | $105.2M / $1.7M |
| Active participants, start / end of year | 1,208 / 210 |
| Participants with account balances | 214 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Redpath and Company, LLC |
Largest service providers (Schedule C)
| Milliman, Inc. | $175,595 reported compensation |
| Charles Schwab Trust Bank | $39,312 reported compensation |
| Alerus Financial | $26,000 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015161934NAL0006740912001, received 2025-10-15, EIN 41-0598170, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.