Shipbob, Inc. 401(k) Review & Grade
Shipbob 401(k) Plan
Chicago, ILTransportation & Warehousing798 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,388Employer $ per active participant
$7,173Employee $ saved per active participant
0.99%Direct admin cost, % of plan assets
$21.8MNet plan assets, end of year
$20,362Average balance per account
Score breakdown
- Employer generosity29.3 / 5059th percentile for employer $ per participant
- Low cost1.7 / 257th percentile for low admin cost vs. same-size plans
- Employee saving13.1 / 1587th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score51 / 100 · Grade C
This plan vs. peers
Peers: Transportation & Warehousing plans with 500–2,499 active participants (392 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 59th |
| Lower admin cost | 7th |
| Employee saving | 87th |
| Peers that auto-enroll | 37% |
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Red flags from the filing
Corrective distributions: the plan refunded $269,855 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Shipbob put in about $1,388 per active participant, more than the typical peer ($1,070). 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.
- Direct plan expenses (0.99% 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.
- 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 | $1,108,376 |
| Participant (employee) contributions | $5,727,248 |
| Other contributions (incl. rollovers in) | $1,122,682 |
| Administrative expenses paid from the plan | $174,834 |
| Investment advisory & management fees | $30,560 |
| Benefits paid out | $1,844,605 |
| Net assets, start / end of year | $13.7M / $21.8M |
| Active participants, start / end of year | 787 / 810 |
| Participants with account balances | 1,071 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Smith & Howard, PC |
Largest service providers (Schedule C)
| Adp, Inc. | $135,274 reported compensation |
| Sageview Advisory Group LLC | $39,560 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251013050733NAL0000704033001, received 2025-10-13, EIN 46-5666023, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.