Mil 401(k) match, vesting and fees
What Mil's 401(k) plan says about matching contributions
The Company will match participant contributions equal to 50% of participants’ elective deferrals up to 4% of eligible participant compensation. For the year ended December 31, 2024, the Company made matching contributions of $1,432,705.
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. 32 ↗ |
| Match vesting | Participants are immediately vested in their voluntary contributions and rollover contributions, as well as actual earnings and losses thereon. Vesting in the employer contributions is based on years of continuous service. Employer contributions and earnings thereon vest according to a 2-year cliff vesting schedule or in the event of death or total and permanent disability. | Audit report, p. 33 ↗ |
| Roth contributions | The Plan also allows for Roth deferral contributions. | Audit report, p. 32 ↗ |
| Loans | Participants may borrow from their vested account balance a minimum of $1,000 up to a maximum equal to (i) the lesser of $50,000 reduced by the highest outstanding balance of any prior loans from the Plan during the prior one-year period, or (ii) 50% of their vested account balance. In general, loan repayment terms range from one to five years. | Audit report, p. 33 ↗ |
| Recordkeeper | ADP, Inc. | Schedule C ↗ |
| Independent auditor | Bdo USA PC (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 1,287 defined-contribution plans in professional, scientific, and technical services with 500 to 999 participants.
| Mil: employer contribution per participant | $1,402 | |
| Peer median | $2,600 |
| Mil: average balance | $95,555 | |
| Peer median | $84,124 |
| Mil: admin expenses ÷ assets | 0.12% | |
| Peer median | 0.17% |
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 $80.8M at the end of plan year 2021 to $90.8M at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 1,141 | $90.8M | $1.3M | $1,402 | 0.12% | Quoted in the audit report, p. 32 ↗ | Form 5500 ↗ |
| 2023 | 1,097 | $80.2M | $1.2M | $1,356 | 0.12% | Not published | Form 5500 ↗ |
| 2022 | 1,017 | $70.2M | $1.1M | $1,311 | 0.14% | Not published | Form 5500 ↗ |
| 2021 | 985 | $80.8M | $1.6M | $1,938 | 0.13% | Not published | Form 5500 ↗ |
Common questions
Does Mil match 401(k) contributions?
The audit report attached to the The Mil Corporation 401(k) Plan's plan year 2024 Form 5500, page 32 says: “The Company will match participant contributions equal to 50% of participants’ elective deferrals up to 4% of eligible participant compensation. For the year ended December 31, 2024, the Company made matching contributions of $1,432,705.” Plan terms may have changed; check your current Summary Plan Description.
When is the Mil 401(k) match vested?
The audit report attached to the plan year 2024 Form 5500, page 33 says: “Participants are immediately vested in their voluntary contributions and rollover contributions, as well as actual earnings and losses thereon. Vesting in the employer contributions is based on years of continuous service. Employer contributions and earnings thereon vest according to a 2-year cliff vesting schedule or in the event of death or total and permanent disability.”
Who manages the Mil 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is ADP, Inc.. The plan administrator is The Mil Corporation.
I left Mil. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (The Mil Corporation, (301) 809-1319) or the recordkeeper, ADP, Inc.. The Mil old 401(k) page lists the contacts from every plan filing. Find an old Mil 401(k)
Data from the public Form 5500 annual reports Mil 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 Mil. Not financial advice. Report a correction · Methodology