Charter Foods Inc. 401(k) Review & Grade
Charter Foods Inc. 401(k) Plan
Morristown, TNAccommodation & Food Services668 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$897Employer $ per active participant
$1,733Employee $ saved per active participant
0.86%Direct admin cost, % of plan assets
$9.8MNet plan assets, end of year
$24,342Average balance per account
Score breakdown
- Employer generosity42.7 / 5085th percentile for employer $ per participant
- Low cost2.2 / 259th percentile for low admin cost vs. same-size plans
- Employee saving12.2 / 1581th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-10 pts1 issue reported on the filing
Total score50 / 100 · Grade C
This plan vs. peers
Peers: Accommodation & Food Services plans with 500–2,499 active participants (458 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 85th |
| Lower admin cost | 9th |
| Employee saving | 81th |
| Peers that auto-enroll | 17% |
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Red flags from the filing
Late deposits: the filing says some employee contributions were not sent to the plan on time ($71,380 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
What to do if you're in this plan
- Charter Foods put in about $897 per active participant, more than the typical peer ($266). 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.
- Direct plan expenses (0.86% of assets) are well above similar-size plans (0.23%). Check your annual fee disclosure, choose low-cost index funds if you can, and think about whether savings beyond the match belong in an IRA.
- The plan reported late deposits of employee contributions. Compare your pay stubs with your account statements, and contact the plan administrator if money shows up late.
- 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 | $598,989 |
| Participant (employee) contributions | $1,157,501 |
| Other contributions (incl. rollovers in) | $304,360 |
| Administrative expenses paid from the plan | $75,062 |
| Benefits paid out | $1,096,507 |
| Net assets, start / end of year | $7.8M / $9.8M |
| Active participants, start / end of year | 685 / 651 |
| Participants with account balances | 401 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Coulter & Justus, P.C. |
Largest service providers (Schedule C)
| Silver Oak Securities, Inc. | $32,102 reported compensation |
| Erisa Services, Inc. | $28,468 reported compensation |
| Iron Fiduciary | $4,587 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014150729NAL0006569426001, received 2025-10-14, EIN 62-1742741, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.