Gate Petroleum Company 401(k) Review & Grade
Gate Petroleum Company 401(k) Plan and Trust
Jacksonville, FLRetail Trade2,666 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$1,143Employer $ per active participant
$2,029Employee $ saved per active participant
0.15%Direct admin cost, % of plan assets
$78.0MNet plan assets, end of year
$50,598Average balance per account
Score breakdown
- Employer generosity35.4 / 5071th percentile for employer $ per participant
- Low cost11.0 / 2544th percentile for low admin cost vs. same-size plans
- Employee saving7.6 / 1551th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score57 / 100 · Grade C
This plan vs. peers
Peers: Retail Trade plans with 2,500–9,999 active participants (183 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 71th |
| Lower admin cost | 44th |
| Employee saving | 51th |
| Peers that auto-enroll | 42% |
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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
- Gate Petroleum put in about $1,143 per active participant, more than the typical peer ($650). 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.
- 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 | $3,047,767 |
| Participant (employee) contributions | $5,411,299 |
| Other contributions (incl. rollovers in) | $97,140 |
| Administrative expenses paid from the plan | $131,442 |
| Investment advisory & management fees | $3,582 |
| Benefits paid out | $41,950,104 |
| Net assets, start / end of year | $101.2M / $78.0M |
| Active participants, start / end of year | 3,185 / 2,148 |
| Participants with account balances | 1,542 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Smoak Davis & Nixon LLP |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company O | $127,860 reported compensation |
| Empower Advisory Group, LLC | $3,582 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250811200432NAL0008966544001, received 2025-08-11, EIN 59-0904473, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.