Martin Resource Management 401(k) match, vesting and fees
What Martin Resource Management's 401(k) plan says about matching contributions
Through September 30, 2016 the Company made matching contributions based on the Safe Harbor Matching formula which is 100% of applicable contributions up to the first 3% of compensation, plus 50% of applicable contributions up to the next 2% of compensation. As of January 1, 2022, the plan was amended to change its matching contribution rate to 100% of the first 3% of participants deferred compensation, for participants not covered under a collective bargaining agreement. The amendment does not affect collectively bargained employees who receive the safe harbor matching.
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 ↗ |
| Automatic enrollment | Effective April 1, 2021, the Plan was amended to adopt an automatic enrollment feature for all newly eligible employees. Newly eligible employees, unless they elect not to participate, will be automatically enrolled in the plan, and have pre-tax contributions withheld and remitted to the plan at five percent of compensation. | Audit report, p. 31 ↗ |
| Roth contributions | Effective July 25, 2023, the plan amended section 1.07 and 1.09 to allow Roth contributions and incoming Roth rollovers to the plan to comply with Secure Act 2.0 Certain Plan investments are managed by Fidelity Management Trust Company. | Audit report, p. 36 ↗ |
| Loans | Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum amount equal to the lesser of 50% of the participant’s account balance or $50,000. The loans are secured by the balance in the participant’s account. The loans bear interest rates ranging from 4.25% - 9.50%. Repayment of loans is required to be made through payroll deductions. Effective June 1, 2017, participants are limited to one loan outstanding at a time. Participants with more than one loan on June 1, 2017 may pay the existing loans under stated terms of the existing notes. Effective April 21, 2020 the Plan adopted the temporary loan repayment deferral provision of the CARES Act. The deferral provision allows qualified Plan participant who have plan loan repayments to defer such repayments until December 31, 2020. | Audit report, p. 32 ↗ |
| Recordkeeper | Fidelity Investments Institutional | Schedule C ↗ |
| Independent auditor | Gollob Morgan Peddy P.C. (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 267 defined-contribution plans in transportation and warehousing with 1,000 to 4,999 participants.
| Martin Resource Management: employer contribution per participant | $1,873 | |
| Peer median | $1,880 |
| Martin Resource Management: average balance | $68,160 | |
| Peer median | $51,904 |
| Martin Resource Management: admin expenses ÷ assets | 0.12% | |
| Peer median | 0.21% |
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 $116M at the end of plan year 2021 to $133M at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 2,276 | $133M | $3.6M | $1,873 | 0.12% | Quoted in the audit report, p. 31 ↗ | Form 5500 ↗ |
| 2023 | 2,004 | $111M | $2.3M | $1,484 | 0.14% | Not published | Form 5500 ↗ |
| 2022 | 1,973 | $93.6M | $2.3M | $1,509 | 0.18% | Not published | Form 5500 ↗ |
| 2021 | 1,833 | $116M | $115K | $86 | 0.11% | Not published | Form 5500 ↗ |
Other Martin Resource Management plans (2)
Each plan files its own Form 5500. Figures are from each plan's latest filing.
Martin ESOP
Plan features
Match, vesting and enrollment details have not been published from this plan's audit report yet. The figures below come from the structured filing.
| Independent auditor | Gmp Assurance, PLLC (unmodified opinion) | Schedule H ↗ |
| Plan type and status | Profit-sharing · Active | Form 5500 ↗ |
Mrmc ESOP
Plan features
Match, vesting and enrollment details have not been published from this plan's audit report yet. The figures below come from the structured filing.
| Independent auditor | Gmp Assurance, PLLC (unmodified opinion) | Schedule H ↗ |
| Plan type and status | Retirement · Active | Form 5500 ↗ |
Common questions
Does Martin Resource Management match 401(k) contributions?
The audit report attached to the Martin 401(k) Plan's plan year 2024 Form 5500, page 31 says: “Through September 30, 2016 the Company made matching contributions based on the Safe Harbor Matching formula which is 100% of applicable contributions up to the first 3% of compensation, plus 50% of applicable contributions up to the next 2% of compensation. As of January 1, 2022, the plan was amended to change its matching contribution rate to 100% of the first 3% of participants deferred compensation, for participants not covered under a collective bargaining agreement. The amendment does not affect collectively bargained employees who receive the safe harbor matching.” Plan terms may have changed; check your current Summary Plan Description.
When is the Martin Resource Management 401(k) match vested?
The vesting schedule for the Martin 401(k) Plan is not in the data published so far. Your Summary Plan Description states it.
Who manages the Martin Resource Management 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is Fidelity Investments Institutional. The plan administrator is Martin Resource Management Corporation.
I left Martin Resource Management. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Martin Resource Management Corporation, (903) 983-1551) or the recordkeeper, Fidelity Investments Institutional. The Martin Resource Management old 401(k) page lists the contacts from every plan filing. Find an old Martin Resource Management 401(k)
Data from the public Form 5500 annual reports Martin Resource Management filed with the U.S. Department of Labor (plan years 2021 and 2022 and 2023 and 2024 and 2025) 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 Martin Resource Management. Not financial advice. Report a correction · Methodology