Farwest Steel Corporation 401(k) Review & Grade
Farwest Steel Corporation and Affiliated Companies 401(k) Plan
Eugene, ORManufacturing654 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,925Employer $ per active participant
$4,587Employee $ saved per active participant
0.29%Direct admin cost, % of plan assets
$47.9MNet plan assets, end of year
$58,646Average balance per account
Score breakdown
- Employer generosity20.8 / 5042th percentile for employer $ per participant
- Low cost10.5 / 2542th percentile for low admin cost vs. same-size plans
- Employee saving6.8 / 1545th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-10 pts1 issue reported on the filing
Total score38 / 100 · Grade D
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 42th |
| Lower admin cost | 42th |
| Employee saving | 45th |
| 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 ($206,286 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
- Farwest Steel put in about $1,925 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.
- 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 | $1,258,874 |
| Participant (employee) contributions | $2,999,815 |
| Other contributions (incl. rollovers in) | $26,593 |
| Administrative expenses paid from the plan | $130,066 |
| Investment advisory & management fees | $16,223 |
| Other admin expenses | $35,316 |
| Benefits paid out | $4,158,898 |
| Net assets, start / end of year | $42.4M / $47.9M |
| Active participants, start / end of year | 660 / 648 |
| Participants with account balances | 817 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Kernutt Stokes LLP |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company | $78,527 reported compensation |
| Prime Pensions Northwest, LLC | $35,316 reported compensation |
| Empower Advisory Group, LLC | $16,223 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251010141102NAL0007839345001, received 2025-10-10, EIN 93-0588199, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.