Thomas Allen, Inc. 401(k) Review & Grade
Thomas Allen, Incorporated Profit Sharing Plan
West ST. Paul, MNHealth Care & Social Assistance527 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$1Employer $ per active participant
$1,345Employee $ saved per active participant
0.86%Direct admin cost, % of plan assets
$9.5MNet plan assets, end of year
$21,971Average balance per account
Score breakdown
- Employer generosity3.6 / 507th percentile for employer $ per participant
- Low cost2.2 / 259th percentile for low admin cost vs. same-size plans
- Employee saving4.5 / 1530th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score10 / 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 | 7th |
| Lower admin cost | 9th |
| Employee saving | 30th |
| Peers that auto-enroll | 36% |
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Red flags from the filing
Corrective distributions: the plan refunded $9,637 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Thomas Allen put in about $1 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 (0.86% 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 | $375 |
| Participant (employee) contributions | $708,935 |
| Other contributions (incl. rollovers in) | $11,467 |
| Administrative expenses paid from the plan | $88,634 |
| Investment advisory & management fees | $24,419 |
| Other admin expenses | $26,320 |
| Benefits paid out | $3,365,403 |
| Net assets, start / end of year | $11.0M / $9.5M |
| Active participants, start / end of year | 550 / 504 |
| Participants with account balances | 434 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Lethert, Skwira, Schultz & Co. |
Largest service providers (Schedule C)
| Capital Group Retirement Plan Svcs. | $37,895 reported compensation |
| Lethert Skwira Schultz & Co LLP | $25,320 reported compensation |
| LPL Financial, LLC | $24,419 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250819124146NAL0004120962001, received 2025-08-19, EIN 41-1465839, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.