Charter Manufacturing Company, Inc. 401(k) Review & Grade
Charter Manufacturing Company, Inc. Profit Sharing & Retirement Plan
Mequon, WIManufacturing2,332 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$6,406Employer $ per active participant
$8,732Employee $ saved per active participant
0.05%Direct admin cost, % of plan assets
$503.3MNet plan assets, end of year
$180,193Average balance per account
Score breakdown
- Employer generosity44.8 / 5090th percentile for employer $ per participant
- Low cost22.1 / 2588th percentile for low admin cost vs. same-size plans
- Employee saving12.7 / 1585th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-23 pts3 issues reported on the filing
Total score67 / 100 · Grade B
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 90th |
| Lower admin cost | 88th |
| Employee saving | 85th |
| Peers that auto-enroll | 59% |
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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 ($504,250 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Benefits not paid when due: the plan reported failing to pay some benefits on time.
Corrective distributions: the plan refunded $594 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Charter Manufacturing Company put in about $6,406 per active participant, more than the typical peer ($2,320). 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.
- 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 | $14,940,988 |
| Participant (employee) contributions | $20,367,625 |
| Other contributions (incl. rollovers in) | $3,536,756 |
| Administrative expenses paid from the plan | $225,174 |
| Contract administrator fees | $1,200 |
| Investment advisory & management fees | $75,000 |
| Benefits paid out | $45,106,687 |
| Net assets, start / end of year | $454.6M / $503.3M |
| Active participants, start / end of year | 2,333 / 2,332 |
| Participants with account balances | 2,793 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Baker Tilly US, LLP |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $131,492 reported compensation |
| Robert W. Baird & Company | $75,000 reported compensation |
| Baker Tilly US, LLP | $18,682 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250916152248NAL0001257651001, received 2025-09-16, EIN 39-1138388, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.