Shimmick Construction Co., Inc. 401(k) Review & Grade
Shimmick Construction Co., Inc. 401(k) Profit Sharing Plan
Irvine, CAConstruction595 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$2,808Employer $ per active participant
$9,918Employee $ saved per active participant
0.21%Direct admin cost, % of plan assets
$77.5MNet plan assets, end of year
$92,603Average balance per account
Score breakdown
- Employer generosity36.5 / 5073th percentile for employer $ per participant
- Low cost13.3 / 2553th percentile for low admin cost vs. same-size plans
- Employee saving14.1 / 1594th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score61 / 100 · Grade B
This plan vs. peers
Peers: Construction plans with 500–2,499 active participants (498 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 73th |
| Lower admin cost | 53th |
| Employee saving | 94th |
| Peers that auto-enroll | 44% |
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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 ($307,252 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $3,304 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Shimmick Construction Co. put in about $2,808 per active participant, more than the typical peer ($1,672). 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.
- The plan auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- 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 | $1,670,835 |
| Participant (employee) contributions | $5,901,387 |
| Other contributions (incl. rollovers in) | $829,671 |
| Administrative expenses paid from the plan | $155,064 |
| Contract administrator fees | $155,064 |
| Benefits paid out | $11,903,946 |
| Net assets, start / end of year | $71.8M / $77.5M |
| Active participants, start / end of year | 634 / 556 |
| Participants with account balances | 837 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Eide Bailly LLP |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $163,869 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250822164915NAL0002680083001, received 2025-08-22, EIN 94-3107390, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.