Mpay 401(k) match, vesting and fees
What Mpay's 401(k) plan says about matching contributions
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.
| Recordkeeper | Alerus Financial, N.A. | Schedule C ↗ |
| Independent auditor | Brady Martz & Associates, P.C. (unmodified opinion, limited scope) | Schedule H ↗ |
| Plan type and status | 401(k) · Active | Form 5500 ↗ |
How the plan compares
Plan year 2024 medians for 9,213 defined-contribution plans in professional, scientific, and technical services with 100 to 499 participants.
| Mpay: employer contribution per participant | $2,004 | |
| Peer median | $2,521 |
| Mpay: average balance | $64,383 | |
| Peer median | $75,833 |
| Mpay: admin expenses ÷ assets | 0.13% | |
| Peer median | 0.27% |
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 $9.6M at the end of plan year 2023 to $12.3M at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 191 | $12.3M | $383K | $2,004 | 0.13% | Not published | Form 5500 ↗ |
| 2023 | 154 | $9.6M | $9,203 | $67 | <0.01% | Not published | 5500-SF ↗ |
Other Mpay plans (1)
Each plan files its own Form 5500. Figures are from each plan's latest filing.
Mpay Inc. 401(k) Plan
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.
| Recordkeeper | Alerus Retirement and Benefits | Schedule C ↗ |
| Independent auditor | Novotny Cpa Group (disclaimer opinion, limited scope) | Schedule H ↗ |
| Plan type and status | 401(k) · Terminated (final filing) | Form 5500 ↗ |
Common questions
Does Mpay match 401(k) contributions?
The match terms for the Mpay Inc. 401(k) Plan have not been published from its filing yet. The plan year 2024 filing reports $383K in employer contributions, about $2,004 per participant. That total includes any match and profit-sharing; it is not a match formula.
When is the Mpay 401(k) match vested?
The vesting schedule for the Mpay Inc. 401(k) Plan is not in the data published so far. Your Summary Plan Description states it.
Who manages the Mpay 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is Alerus Financial, N.A.. The plan administrator is Mpay Inc..
I left Mpay. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Mpay Inc., (704) 609-8405) or the recordkeeper, Alerus Financial, N.A.. The Mpay old 401(k) page lists the contacts from every plan filing. Find an old Mpay 401(k)
Data from the public Form 5500 annual reports Mpay filed with the U.S. Department of Labor (plan years 2021 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 Mpay. Not financial advice. Report a correction · Methodology