Chesterman Company 401(k) Review & Grade
Chesterman Company 401(k) Profit Sharing Plan
Sioux City, IAManufacturing1,945 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,681Employer $ per active participant
$3,525Employee $ saved per active participant
0.38%Direct admin cost, % of plan assets
$128.4MNet plan assets, end of year
$53,497Average balance per account
Score breakdown
- Employer generosity17.5 / 5035th percentile for employer $ per participant
- Low cost8.0 / 2532th percentile for low admin cost vs. same-size plans
- Employee saving4.5 / 1530th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score40 / 100 · Grade D
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 35th |
| Lower admin cost | 32th |
| Employee saving | 30th |
| Peers that auto-enroll | 59% |
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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
- Chesterman put in about $1,681 per active participant, below the typical peer ($2,320). Any match is still an instant return, so contribute enough to get all of it.
- 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 (0.38% 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 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 | $3,269,392 |
| Participant (employee) contributions | $6,856,506 |
| Other contributions (incl. rollovers in) | $324,066 |
| Administrative expenses paid from the plan | $457,105 |
| Investment advisory & management fees | $211,533 |
| Benefits paid out | $9,924,021 |
| Net assets, start / end of year | $111.5M / $128.4M |
| Active participants, start / end of year | 1,940 / 1,950 |
| Participants with account balances | 2,400 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Henjes, Conner & Williams |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company | $229,082 reported compensation |
| Ubs Financial Services Inc | $207,351 reported compensation |
| Henjes, Conner & Williams PC | $16,490 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251010110500NAL0018315826001, received 2025-10-10, EIN 42-0179100, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.