Crete Mechanical Group 401(k) match, vesting and fees
What Crete Mechanical Group's 401(k) plan says about matching contributions
The Plan includes a Safe Harbor provision. Under this provision, the Employer makes Safe Harbor contributions of 100% of deferrals up to 4% of participant’s compensation, as defined in the Plan, measured on an annual basis. There were approximately $3,567,000 of safe harbor contributions made during 2024. In addition, CMG may also make discretionary matching and other discretionary nonelective contributions to the Plan, which are determined on a year-to-year basis.
Quoted directly from the filing. Plan terms may have changed; check your current Summary Plan Description.
Plan features
Indented passages are quoted word for word from the audit report; plan terms may have changed since, so check your current Summary Plan Description.
| Employer match | Quoted from the filing above | Audit report, p. 34 ↗ |
| Automatic enrollment | Employees of CMG are not automatically enrolled and there is no automatic escalation. | Audit report, p. 34 ↗ |
| Roth contributions | Each participant may contribute to the Plan a percentage or a specific dollar amount of their pre-tax or after-tax (Roth) annual compensation, as defined in the Plan, not to exceed Internal Revenue Code (“IRC”) limits. | Audit report, p. 34 ↗ |
| Loans | Participants may borrow from their accounts a minimum of $1,000 up to a maximum equal to the lesser of one-half of their vested account balance or $50,000 reduced by the highest loan balance in the previous 12 months. Participants may only have one loan outstanding at any given time. Loan terms range from 1-5 years, or up to 10 years for the purchase of a principal residence. The loans are secured by the balance in the participant’s account and bear interest at rates which are commensurate with prevailing rates as determined by the Plan administrator. At December 31, 2024, outstanding loans bore interest rates of 4.25% - 9.50%. | Audit report, p. 36 ↗ |
| Recordkeeper | Empower Life & Annuity Insurance Co | Schedule C ↗ |
| Independent auditor | Forvis Mazars, LLP (unmodified opinion, limited scope) | Schedule H ↗ |
| Plan type and status | 401(k) · Active | Form 5500 ↗ |
| Late participant contributions | Reported on the filing | Schedule H ↗ |
All rows are from the plan year 2024 filing; plan features from its audit report.
How the plan compares
Plan year 2024 medians for 570 defined-contribution plans in construction with 1,000 to 4,999 participants.
| Crete Mechanical Group: employer contribution per participant | $3,435 | |
| Peer median | $2,900 |
| Crete Mechanical Group: average balance | $113,286 | |
| Peer median | $67,876 |
| Crete Mechanical Group: admin expenses ÷ assets | 0.27% | |
| Peer median | 0.26% |
Admin expenses are the plan's reported administrative expenses divided by its assets; they do not include fund expense ratios.
Plan history
Plan assets went from $4.7M at the end of plan year 2021 to $116M at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 1,591 | $116M | $3.5M | $3,435 | 0.27% | Quoted in the audit report, p. 34 ↗ | Form 5500 ↗ |
| 2023 | 1,869 | $92.5M | $2.1M | $1,551 | 0.19% | Not published | Form 5500 ↗ |
| 2022 | 350 | $3.8M | $342K | $2,049 | 0.59% | Not published | 5500-SF ↗ |
| 2021 | 58 | $4.7M | $42K | $800 | 0.02% | Not published | 5500-SF ↗ |
Common questions
Does Crete Mechanical Group match 401(k) contributions?
The audit report attached to the Crete Mechanical Group, Inc. 401(k) Plan's plan year 2024 Form 5500, page 34 says: “The Plan includes a Safe Harbor provision. Under this provision, the Employer makes Safe Harbor contributions of 100% of deferrals up to 4% of participant’s compensation, as defined in the Plan, measured on an annual basis. There were approximately $3,567,000 of safe harbor contributions made during 2024. In addition, CMG may also make discretionary matching and other discretionary nonelective contributions to the Plan, which are determined on a year-to-year basis.” Plan terms may have changed; check your current Summary Plan Description.
When is the Crete Mechanical Group 401(k) match vested?
The vesting schedule for the Crete Mechanical Group, Inc. 401(k) Plan is not in the data published so far. Your Summary Plan Description states it.
Who manages the Crete Mechanical Group 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is Empower Life & Annuity Insurance Co. The plan administrator is Crete Mechanical Group, Inc..
I left Crete Mechanical Group. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Crete Mechanical Group, Inc., (813) 789-5079) or the recordkeeper, Empower Life & Annuity Insurance Co. The Crete Mechanical Group old 401(k) page lists the contacts from every plan filing. Find an old Crete Mechanical Group 401(k)
Data from the public Form 5500 annual reports Crete Mechanical Group filed with the U.S. Department of Labor (plan years 2021 and 2022 and 2023 and 2024) and, where noted, the attached independent auditor's report. Plan terms may have changed since the filing; check your current Summary Plan Description. PlanFacts is not affiliated with Crete Mechanical Group. Not financial advice. Report a correction · Methodology