Verge Mobile LLC 401(k) Review & Grade
Verge Mobile 401(k) Plan
Houston, TXInformation932 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$333Employer $ per active participant
$652Employee $ saved per active participant
1.39%Direct admin cost, % of plan assets
$2.8MNet plan assets, end of year
$1,154Average balance per account
Score breakdown
- Employer generosity5.5 / 5011th percentile for employer $ per participant
- Low cost0.8 / 253th percentile for low admin cost vs. same-size plans
- Employee saving0.4 / 153th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-8 pts2 issues reported on the filing
Total score9 / 100 · Grade F
This plan vs. peers
Peers: Information plans with 500–2,499 active participants (310 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 11th |
| Lower admin cost | 3th |
| Employee saving | 3th |
| Peers that auto-enroll | 59% |
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Red flags from the filing
No fidelity bond: the plan reported it was not covered by a fidelity bond, which protects participants against theft.
Corrective distributions: the plan refunded $34,307 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Verge Mobile put in about $333 per active participant, below the typical peer ($2,829). 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 (1.39% 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.
- 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 | $310,784 |
| Participant (employee) contributions | $607,671 |
| Other contributions (incl. rollovers in) | – |
| Administrative expenses paid from the plan | $33,650 |
| Contract administrator fees | $33,650 |
| Benefits paid out | $267,412 |
| Net assets, start / end of year | $2.0M / $2.8M |
| Active participants, start / end of year | 949 / 916 |
| Participants with account balances | 2,468 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Jason Underwood CPA, PLLC |
Largest service providers (Schedule C)
| Alliance Benefit Group of Houston | $1,144 reported compensation |
| Morningstar | $375 reported compensation |
| Voya Retirement Ins and Annuity Co. | $1 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250730113024NAL0002300051001, received 2025-07-30, EIN 20-8356509, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.