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Benchmarking Innotec Employee 401(K) Profit Sharing Plan in Zeeland, MI against all plans

 

Within 50 miles, Innotec Employee 401(K) Profit Sharing Plan in Zeeland, MI has the lowest average employer cash contribution per active participant ($282.80) of the 120 plans with at least $4,257 in average participant cash contribution per active participant (Innotec Employee 401(K) Profit Sharing Plan is at $4,950).

That is, among those 120 plans that do well or OK on one measure, Innotec Employee 401(K) Profit Sharing Plan does least well on a related measure. That $282.80 compares to an average of $2,791 across those 120 plans.

Reaching the average of $2,791 would imply an extra $411,289 in employer cash contributions.

Note: average employer cash contribution per active participant =
cash contributions from employers รท active participants

Innotec Employee 401(K) Profit Sharing Plan has these standings among those 120 peer plans:

  • average employer cash contribution per active participant = $282.80 (the lowest)

  • cash contributions from employers = $46,376 (the least)

  • active participants = 164 (50th-fewest)

Visualize

 
 

Peers

trailed Amerifirst Financial Corporation Profit Sharing and Retirement Savings Plan in Kalamazoo, MI ($309.90), Tooling Systems Group, Inc. 401(K) Retirement Savings Plan in Grand Rapids, MI ($580.80), BETZ Industries, Inc. Retirement Savings Plan in Grand Rapids, MI ($618.90), and Espec North America, Inc. 401(K) Retirement Savings Plan in Hudsonville, MI ($639.70), and 115 others, ending with Harbor Group Incorporated Profit Sharing 401(K) Plan in Muskegon, MI ($12,202).

Taking Action

Read the article A Unique Way to Get Others to Improve to understand the reasoning underlying such benchmarking insights.


References

  1. average employer cash contribution per active participant. Higher values are better. Average employer cash contribution per active participant equals cash contributions from employers, Line 2a(1)(A) from Schedule H, divided by active participants at the end of the plan year, Line 6a(2), Form 5500. Except where noted, all data come from the 25-October-2023 updates to the year-2021 5500 Forms and Schedule H from the public websites at the Department of Labor, Employee Benefits Security Administration.
  2. average participant cash contribution per active participant. Higher values are better. Average participant cash contribution per active participant equals cash contributions from participants, Line 2a(1)(B) from Schedule H, divided by active participants at the end of the plan year, Line 6a(2), Form 5500. Except where noted, all data come from the 25-October-2023 updates to the year-2021 5500 Forms and Schedule H from the public websites at the Department of Labor, Employee Benefits Security Administration.
  3. within 50 miles.

    • The Latitude and Longitude data used by this application were obtained from the Google Map's geolocation API service.
    • In rare cases, the geolocation isn't found, typically because a street address is missing or incorrect, a zipcode isn't correct or omits a leading zero, or other detail. In such rare cases, the Google Maps service was used manually to identify the correct or likely office latitude and longtidue, with a preference to physical addresses rather than mailing addresses such as a post office box.

    Except where noted, all data come from the 25-October-2023 updates to the year-2021 5500 Forms and Schedule H from the public websites at the Department of Labor, Employee Benefits Security Administration.