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Grade My 401(k)
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1 issue

Milliken & Company

51-0105342· Spartanburg, SC· T. Rowe Price· 2024 filing· vs 5 plans your size
B
0/100
Overall grade

Solid plan with a few things to improve.

B
Fees
C
Financial Wellness
B
Plan design
B
Compliance
Fees

Your plan pays around 6 bps of assets per year. Similar plans pay around 12 bps. Your plan is a bit cheaper than most similar plans.

B
cheaper26th percentilepricier
Financial Wellness

Middle-of-the-pack savings. Employees put away $5,003/employee a year. That's about average for plans this size.

C
lower55th percentilehigher
Plan design

Well-designed. Has the features that matter most.

B
Employer contributes via profit sharing
No standard match, but the employer puts money in through profit sharing. Often a flat percentage to everyone, which works like a match for employees.
Automatic enrollment
New hires are enrolled by default. Plans with auto-enroll see much higher participation.
Safe harbor
Guaranteed employer contributions exempt the plan from annual IRS testing, so owners and higher earners can contribute the full limit.
Default investment (QDIA)
Employees who never pick investments land in a sensible default, usually a target-date fund, instead of cash.
No brokerage window
Employees can only invest through the plan's core fund menu. A brokerage window opens the wider market for people who want more control.
Compliance & health

1 item to review, nothing critical.

B
Fidelity bond below 10% of BOY assets, ERISA 412 violation
The reported ERISA fidelity bond is below the 10%-of-assets guideline based on beginning-of-year assets. Fast-growing plans can look under-bonded on paper; confirm against the plan's current bond coverage.
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T. Rowe Price

No provider notes available.

Key insights

  • Strongest area: compliance & health. 1 item to review, nothing critical.
  • Best place to improve: financial wellness. Middle-of-the-pack savings. Employees put away $5,003/employee a year. That's about average for plans this size.
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