Plan Snapshot
- Plan Sponsor: Magnit Global Solutions, INC.
- Sponsor EIN: 273835632
- Sponsor Address: 2365 IRON POINT ROAD SUITE 270, FOLSOM, CA, 956308712
- Plan Type: 401(k)
- Total Participants: 26,041
- Total Assets: $484.2M
Key Plan Design Features
- Auto-Enrollment: Yes
- Auto-Escalation: No
- Allows Roth Contributions: Yes
- Participant Loans: No
- Participant-Directed Investments: Yes
- ERISA Section 404(c) Fiduciary Safe Harbor: Yes
Plan Financials by Year
| Year | Participants | Total Assets | Employer Contrib. | Employee Contrib. |
|---|---|---|---|---|
| 2024 | 26,041 | $484.2M | $2.3M | $80.0M |
| 2023 | 29,119 | $424.8M | $2.4M | $74.1M |
| 2022 | 23,003 | $291.7M | $2.0M | $67.1M |
Service Providers (Schedule C)
Vendors paid $5,000 or more for services to the plan, ranked by total compensation (direct + indirect fees).
| Provider Name | Role | Direct Compensation | Indirect Compensation | Total Fees |
|---|---|---|---|---|
| PRINCIPAL LIFE INSURANCE COMPANY | Recordkeeper | $1,764,961 | $52,666 | $1,817,627 |
| DIMEO SCHEIDER & ASSOC | Investment Advisor | — | $102,050 | $102,050 |
| REHMANN | Other Service Provider | — | $45,250 | $45,250 |
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $1,964,927
- Estimated Expense Ratio: 0.406% of plan assets
Historical Administrative Expenses
Breakdown of administrative expense categories reported on Form 5500 filings.
| Year | Total Admin Expenses | Investment Mgmt Fees | Contract Admin Fees | IQPA Audit Fees | Professional Fees |
|---|---|---|---|---|---|
| 2024 | $1,764,961 | — | $1,764,961 | — | — |
| 2023 | $1,585,102 | — | $1,585,102 | — | — |
| 2022 | $1,624,949 | — | $1,624,949 | — | — |