Naes Corporation 401(k) Review & Grade
Naes Corporation Retirement & 401(k) Plan
Issaquah, WAUtilities2,243 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$9,720Employer $ per active participant
$13,703Employee $ saved per active participant
0.10%Direct admin cost, % of plan assets
$643.7MNet plan assets, end of year
$211,728Average balance per account
Score breakdown
- Employer generosity41.9 / 5084th percentile for employer $ per participant
- Low cost18.3 / 2573th percentile for low admin cost vs. same-size plans
- Employee saving10.7 / 1572th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score71 / 100 · Grade B
This plan vs. peers
Peers: Utilities plans with 500–2,499 active participants (75 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 84th |
| Lower admin cost | 73th |
| Employee saving | 72th |
| Peers that auto-enroll | 76% |
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Red flags from the filing
Corrective distributions: the plan refunded $4,038 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Naes put in about $9,720 per active participant, more than the typical peer ($6,264). 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 | $21,801,943 |
| Participant (employee) contributions | $30,734,869 |
| Other contributions (incl. rollovers in) | $20,512,743 |
| Administrative expenses paid from the plan | $614,625 |
| Contract administrator fees | $3,000 |
| Investment advisory & management fees | $436,292 |
| Benefits paid out | $77,434,730 |
| Net assets, start / end of year | $557.5M / $643.7M |
| Active participants, start / end of year | 2,285 / 2,201 |
| Participants with account balances | 3,040 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Rudd & Company, PLLC |
Largest service providers (Schedule C)
| Strategic Advisors, Inc. | $358,974 reported compensation |
| Fidelity Investments Institutional | $167,596 reported compensation |
| Highland Capital Advisors, LLC | $71,648 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014111625NAL0003748704001, received 2025-10-14, EIN 91-1111672, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.