Carter Machinery Company, Inc. 401(k) Review & Grade
Employees' Retirement and Savings Plan of Carter Machinery Company, Inc.
Salem, VAWholesale Trade3,013 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$6,261Employer $ per active participant
$6,906Employee $ saved per active participant
0.04%Direct admin cost, % of plan assets
$466.2MNet plan assets, end of year
$139,878Average balance per account
Score breakdown
- Employer generosity44.6 / 5089th percentile for employer $ per participant
- Low cost21.1 / 2584th percentile for low admin cost vs. same-size plans
- Employee saving11.5 / 1576th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score87 / 100 · Grade A
This plan vs. peers
Peers: Wholesale Trade plans with 2,500–9,999 active participants (103 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 89th |
| Lower admin cost | 84th |
| Employee saving | 76th |
| Peers that auto-enroll | 62% |
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Red flags from the filing
No red flags were reported on this filing's compliance questions.
What to do if you're in this plan
- Carter Machinery Company put in about $6,261 per active participant, more than the typical peer ($2,459). Contribute at least enough to collect the full match. Skipping it leaves part of your pay on the table.
- The filing shows total dollars, not the match formula. Ask HR for the Summary Plan Description so you know the exact match and vesting schedule.
- Fund expense ratios aren't in the filing. Look them up in your 404(a)(5) fee disclosure and favor low-cost index or target-date funds.
- The plan auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- Changing jobs? You can usually leave the money in the plan, move it to your new employer's plan, or roll it into an IRA. Don't cash out: you'd owe taxes and possibly a 10% penalty.
The raw numbers from the filing
| Employer contributions | $18,865,240 |
| Participant (employee) contributions | $20,809,059 |
| Other contributions (incl. rollovers in) | $3,655,490 |
| Administrative expenses paid from the plan | $171,390 |
| Other admin expenses | $900 |
| Benefits paid out | $35,963,807 |
| Net assets, start / end of year | $405.8M / $466.2M |
| Active participants, start / end of year | 2,925 / 3,101 |
| Participants with account balances | 3,333 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Brown Edwards & Company, LLP |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company O | $170,490 reported compensation |
| Qdro Consultants Company, LLC | $900 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015144756NAL0004882225001, received 2025-10-15, EIN 37-1170559, plan #004, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.