Rite Rug Company, Inc. 401(k) Review & Grade
Rite Rug Co. 401(k) Retirement Plan
Columbus, OHConstruction892 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$4Employer $ per active participant
$1,631Employee $ saved per active participant
0.66%Direct admin cost, % of plan assets
$18.9MNet plan assets, end of year
$40,646Average balance per account
Score breakdown
- Employer generosity1.5 / 503th percentile for employer $ per participant
- Low cost3.6 / 2515th percentile for low admin cost vs. same-size plans
- Employee saving2.5 / 1517th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score8 / 100 · Grade F
This plan vs. peers
Peers: Construction plans with 500–2,499 active participants (498 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 3th |
| Lower admin cost | 15th |
| Employee saving | 17th |
| Peers that auto-enroll | 44% |
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Red flags from the filing
Corrective distributions: the plan refunded $86,477 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Rite Rug Company put in about $4 per active participant, below the typical peer ($1,672). 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.
- Direct plan expenses (0.66% of assets) are well above similar-size plans (0.23%). Check your annual fee disclosure, choose low-cost index funds if you can, and think about whether savings beyond the match belong in an IRA.
- 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 | $3,466 |
| Participant (employee) contributions | $1,456,023 |
| Other contributions (incl. rollovers in) | $572,383 |
| Administrative expenses paid from the plan | $115,747 |
| Investment advisory & management fees | $65,046 |
| Benefits paid out | $1,092,657 |
| Net assets, start / end of year | $16.0M / $18.9M |
| Active participants, start / end of year | 898 / 887 |
| Participants with account balances | 465 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Schneider Downs |
Largest service providers (Schedule C)
| Empower Advisory Group, LLC | $40,492 reported compensation |
| Empower Annuity Insurance Company O | $34,701 reported compensation |
| Fifth Third Bank | $24,554 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250923133121NAL0014938498001, received 2025-09-23, EIN 31-4365448, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.