Soho Studio LLC. 401(k) Review & Grade
Soho Studio LLC 401(k) Profit Sharing Plan and Trust
Inwood, NYWholesale Trade604 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$1,257Employer $ per active participant
$2,643Employee $ saved per active participant
1.12%Direct admin cost, % of plan assets
$12.0MNet plan assets, end of year
$37,769Average balance per account
Score breakdown
- Employer generosity16.3 / 5033th percentile for employer $ per participant
- Low cost1.3 / 255th percentile for low admin cost vs. same-size plans
- Employee saving2.7 / 1518th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score20 / 100 · Grade F
This plan vs. peers
Peers: Wholesale Trade plans with 500–2,499 active participants (603 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 33th |
| Lower admin cost | 5th |
| Employee saving | 18th |
| Peers that auto-enroll | 53% |
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Red flags from the filing
Corrective distributions: the plan refunded $3,559 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Soho Studio put in about $1,257 per active participant, below the typical peer ($1,792). 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 (1.12% 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 | $758,519 |
| Participant (employee) contributions | $1,595,141 |
| Other contributions (incl. rollovers in) | $1,145,423 |
| Administrative expenses paid from the plan | $110,714 |
| Contract administrator fees | $110,714 |
| Benefits paid out | $290,332 |
| Net assets, start / end of year | $7.7M / $12.0M |
| Active participants, start / end of year | 560 / 647 |
| Participants with account balances | 318 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Ernst & Young LLP |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20260206113746NAL0008294211001, received 2026-02-06, EIN 83-4384517, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.