Olympic Steel, Inc., an Ohio Corporation 401(k) Review & Grade
Olympic Steel, Inc. Employees' 401(k) Retirement Plan
Highland Hills, OHManufacturing1,179 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,636Employer $ per active participant
$4,761Employee $ saved per active participant
0.29%Direct admin cost, % of plan assets
$95.6MNet plan assets, end of year
$72,068Average balance per account
Score breakdown
- Employer generosity16.9 / 5034th percentile for employer $ per participant
- Low cost10.5 / 2542th percentile for low admin cost vs. same-size plans
- Employee saving7.1 / 1547th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score42 / 100 · Grade D
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 34th |
| Lower admin cost | 42th |
| Employee saving | 47th |
| Peers that auto-enroll | 59% |
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Red flags from the filing
Corrective distributions: the plan refunded $6,976 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Olympic Steel, Inc., an Ohio put in about $1,636 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.
- 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 | $1,929,261 |
| Participant (employee) contributions | $5,613,475 |
| Other contributions (incl. rollovers in) | $174,967 |
| Administrative expenses paid from the plan | $262,467 |
| Investment advisory & management fees | $96,220 |
| Other admin expenses | $1,059 |
| Benefits paid out | $11,554,606 |
| Net assets, start / end of year | $87.7M / $95.6M |
| Active participants, start / end of year | 1,191 / 1,167 |
| Participants with account balances | 1,327 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Bober Markey Fedorovich |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company O | $146,888 reported compensation |
| Capfinancial Partners LLC DBA Captr | $96,220 reported compensation |
| Bober Markey Fedorovich & Company | $18,300 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250918092821NAL0000590739001, received 2025-09-18, EIN 34-1245650, plan #003, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.