Ingles Markets, Incorporated 401(k) Review & Grade
Ingles Markets, Incorporated Investment/profit Sharing Plan
Black Mountain, NCRetail Trade17,758 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$328Employer $ per active participant
$744Employee $ saved per active participant
0.13%Direct admin cost, % of plan assets
$196.8MNet plan assets, end of year
–Average balance per account (account count looks misreported)
Score breakdown
- Employer generosity7.3 / 5015th percentile for employer $ per participant
- Low cost8.6 / 2534th percentile for low admin cost vs. same-size plans
- Employee saving2.2 / 1515th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score8 / 100 · Grade F
This plan vs. peers
Peers: Retail Trade plans with 10,000+ active participants (124 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 15th |
| Lower admin cost | 34th |
| Employee saving | 15th |
| Peers that auto-enroll | 32% |
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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 ($12,013 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $317 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Ingles Markets, Incorporated put in about $328 per active participant, below the typical peer ($689). 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 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 | $5,829,557 |
| Participant (employee) contributions | $13,212,542 |
| Other contributions (incl. rollovers in) | $703,956 |
| Administrative expenses paid from the plan | $242,789 |
| Contract administrator fees | $149,818 |
| Benefits paid out | $20,987,174 |
| Net assets, start / end of year | $181.9M / $196.8M |
| Active participants, start / end of year | 17,509 / 18,006 |
| Participants with account balances | 4,361 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Forvis Mazars, LLP |
| Employer stock held by plan | $10,045,036 |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $148,742 reported compensation |
| Empower Annuity Insurance Company O | $94,174 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251001120215NAL0005911683001, received 2025-10-01, EIN 56-0846267, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.