Manatts 401(k) match, vesting and fees
What Manatts' 401(k) plan says about matching contributions
The Company may, at its discretion, elect to make a qualified matching contribution or profit sharing contribution to the Plan. For the years ended December 31, 2024 and 2023, the Company matching contribution was 50% up to 5%, with the exception of Norris and Douds. The matching contributions for Norris and Douds is 100% up to 4%.
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. 31 ↗ |
| Match vesting | Participants are immediately vested in their contributions plus actual earnings thereon. Vesting in the Company matching and profit sharing contribution portion of their accounts, plus actual earnings thereon, is based on years of credited service. A participant is 100% vested after five years of credited service. Notwithstanding the above, a participant is fully vested upon reaching normal retirement age, death, or permanent disability. Participants that are employed prior to January 1, 2018 are fully and immediately vested in all contributions. Forfeitures totaled $751,957 and $542,869 at December 31, 2024 and 2023, respectively. Forfeitures of $1,367 and $2,643 were used to pay plan expenses for the years ended December 31, 2024 and 2023, respectively. | Audit report, p. 32 ↗ |
| Automatic enrollment | The Plan includes an auto-enrollment provision whereby all newly eligible employees are automatically enrolled in the Plan unless they affirmatively elect not to participate in the Plan. Automatically enrolled participants have their deferral rate set at 5% (2% in 2023) of eligible compensation and their contributions are invested in a qualified deferred investment option fund based on the participant age until changed by the participant. | Audit report, p. 31 ↗ |
| Roth contributions | Participants may contribute up to 60% of their Plan year compensation under a salary reduction agreement or Roth 401(k) after tax option, not to exceed the federal limit of $23,000 and $22,500 in 2024 and 2023, respectively. | Audit report, p. 31 ↗ |
| Recordkeeper | Fidelity Investments Institutional | Schedule C ↗ |
| Independent auditor | Cliftonlarsonallen LLP (unmodified opinion, limited scope) | Schedule H ↗ |
| Plan type and status | 401(k) · Active | Form 5500 ↗ |
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.
| Manatts: employer contribution per participant | $2,041 | |
| Peer median | $2,900 |
| Manatts: average balance | $62,574 | |
| Peer median | $67,876 |
| Manatts: admin expenses ÷ assets | 0.10% | |
| 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 $115M at the end of plan year 2023 to $131M at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 2,265 | $131M | $4.3M | $2,041 | 0.10% | Quoted in the audit report, p. 31 ↗ | Form 5500 ↗ |
| 2023 | 1,952 | $115M | $3.9M | $2,021 | 0.12% | Not published | Form 5500 ↗ |
Common questions
Does Manatts match 401(k) contributions?
The audit report attached to the Manatts, Inc. and Affiliated Companies 401(k) Retirement Plan's plan year 2024 Form 5500, page 31 says: “The Company may, at its discretion, elect to make a qualified matching contribution or profit sharing contribution to the Plan. For the years ended December 31, 2024 and 2023, the Company matching contribution was 50% up to 5%, with the exception of Norris and Douds. The matching contributions for Norris and Douds is 100% up to 4%.” Plan terms may have changed; check your current Summary Plan Description.
When is the Manatts 401(k) match vested?
The audit report attached to the plan year 2024 Form 5500, page 32 says: “Participants are immediately vested in their contributions plus actual earnings thereon. Vesting in the Company matching and profit sharing contribution portion of their accounts, plus actual earnings thereon, is based on years of credited service. A participant is 100% vested after five years of credited service. Notwithstanding the above, a participant is fully vested upon reaching normal retirement age, death, or permanent disability. Participants that are employed prior to January 1, 2018 are fully and immediately vested in all contributions. Forfeitures totaled $751,957 and $542,869 at December 31, 2024 and 2023, respectively. Forfeitures of $1,367 and $2,643 were used to pay plan expenses for the years ended December 31, 2024 and 2023, respectively.”
Who manages the Manatts 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is Fidelity Investments Institutional. The plan administrator is Manatts, Inc..
I left Manatts. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Manatts, Inc., (641) 522-9206) or the recordkeeper, Fidelity Investments Institutional. The Manatts old 401(k) page lists the contacts from every plan filing. Find an old Manatts 401(k)
Data from the public Form 5500 annual reports Manatts filed with the U.S. Department of Labor (plan years 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 Manatts. Not financial advice. Report a correction · Methodology