Retirement plan

MG PRODUCTS, INC. 401(K) PLAN

Name: MG PRODUCTS, INC. - MG PRODUCTS, INC. 401(K) PLAN (2024) Form 5500
Creator: MG PRODUCTS, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, MG PRODUCTS, INC. 401(K) PLAN, MG PRODUCTS, INC.

MG PRODUCTS, INC.EIN 35-1938436Plan #001PY 2024

4707 CHESTER DR - ELKHART, IN 465169641547-293-0752mgproducts.comLinkedIn1-10 employees

Prospect flagsHigh feesLow participation

How to read this page

Total assets (EOY)

$1.4M

+17.2% from 2023

Total participants

+17.6% from 2023

Average account balance

$104,494

-0.8% from 2023

Annual return

10.01%

-2.31 pp from 2023

Benchmarks

See 22,959 peers

Peer group

Industry33 - Manufacturing

Plan typeDefined contribution

Participants<25

Cohort22,959 peers

Snapshot2024

Free accounts unlock saves, downloads, and 3-year history.

Analytics

Total assets (EOY)

Plan-year ending balance

$1.36M

Not enough data

1 years with asset history on file

Average account balance

Total assets / participants with a balance (line 6g)

$104K

Not enough data

1 years with per-participant data

Participants with account balance

Stacked by status: active / separated vested / retired or beneficiary. Total = line 6g.

Not enough data

1 years with headcount on file

Eligible Participants and Participation

Bars: eligible actives (line 6a). Line: derived rate = active employees with a balance / 6a.

65.0%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$128K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$6K

Not enough data

1 years with per-participant contribution data

Asset flow

BOY + contributions + return - distributions = EOY

Year

Annual return

Diverging bars; negative years highlighted

+10.01%

Not enough data

1 years with return on file

Admin fee / account holder

Total admin expenses / participants with a balance (line 6g)

$3423

Not enough data

1 years with admin cost on file

Asset composition

Cash / stocks / bonds / mutual funds / real estate / loans over time

Not enough data

0 years with F_SCH_H allocation on file

Free accounts unlock saves, downloads, and 3-year history.

Service providers

Providers data not reported

Schedule C was not filed on this plan's most recent Form 5500, so no compensated service providers are available to display.

Plan features & details

Pension benefit codes2E2F2G2J2T3D

Plan features

2E
Profit-sharing
Profit-sharing plan.
2F
ERISA section 404(c) plan
This plan or any part of it is intended to meet the conditions of 29 CFR 2550.404c-1 (shifting investment responsibility to participants).
2G
Total participant-directed account plan
Participants have the opportunity to direct the investment of all of the assets allocated to their individual accounts regardless of whether 29 CFR 2550.404c-1 is intended to be met.
2J
Code section 401(k) feature
Cash or deferred arrangement described in Code section 401(k) that is part of a qualified defined contribution plan under which employees may elect to defer part of their compensation or receive these amounts in cash.
2T
Default investment account
Total or partial participant-directed account plan where plan uses a default investment account for participants who fail to direct assets in their account.
3D
Pre-approved pension plan
A master prototype or volume submitter plan that is the subject of a favorable opinion or advisory letter from the IRS.

Opportunity flags

2 tripped

OpportunityLow participation
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)

Expense breakdown

Schedule H Part II

Admin total

$44K

$2225 / participant

Other / not subdivided$44K100.0%

% of EOY assets

3.275%

all-in expense ratio

Categories reported

0 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

No opinion code on file for this filing.

Auditor firm: (not reported)
Auditor EIN: -
Audit fees: (not subdivided)
Opinion code: -

Metric

This plan

Peer set

Industry

Size

Avg account balance

$104,494

$117,895-11.4%

$102,460+2.0%

$145,897-28.4%

Participation rate

65.0%

78.6%-13.6pp

76.5%-11.5pp

80.3%-15.3pp

Annual return

10.01%

31.92%-21.9pp

29.47%-19.5pp

552.29%-542.3pp

Employer contribution / active EE

$2,498

$3,619-31.0%

$3,025-17.4%

$4,663-46.4%

Participant deferral / active EE

$3,882

$5,736-32.3%

$5,056-23.2%

$6,689-42.0%

Admin fee / account holder

$3,423

$13,353-74.4%

$9,460-63.8%

$13,390-74.4%

MG PRODUCTS, INC. 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

MG PRODUCTS, INC. 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

Benchmarks

Service providers

Opportunity flags

Expense breakdown

Audit opinion

Benchmarks

Service providers

Opportunity flags

Expense breakdown

Audit opinion