Steel King Industries, Inc. 401(k) Review & Grade
Steel King Industries Inc. Employees Savings Plan
Stevens Point, WIManufacturing520 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,090Employer $ per active participant
$4,498Employee $ saved per active participant
0.65%Direct admin cost, % of plan assets
$32.3MNet plan assets, end of year
$57,586Average balance per account
Score breakdown
- Employer generosity9.7 / 5019th percentile for employer $ per participant
- Low cost3.8 / 2515th percentile for low admin cost vs. same-size plans
- Employee saving6.6 / 1544th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score17 / 100 · Grade F
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 19th |
| Lower admin cost | 15th |
| Employee saving | 44th |
| Peers that auto-enroll | 59% |
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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 ($336 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $1,499 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Steel King Industries put in about $1,090 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.
- Direct plan expenses (0.65% 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.
- 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 | $567,357 |
| Participant (employee) contributions | $2,341,466 |
| Other contributions (incl. rollovers in) | $22,199 |
| Administrative expenses paid from the plan | $202,121 |
| Contract administrator fees | $137,299 |
| Investment advisory & management fees | $61,372 |
| Other admin expenses | $3,450 |
| Benefits paid out | $3,896,946 |
| Net assets, start / end of year | $30.1M / $32.3M |
| Active participants, start / end of year | 576 / 465 |
| Participants with account balances | 561 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | RSM |
Largest service providers (Schedule C)
| Voya Retirement Insurance & Annuity | $154,565 reported compensation |
| Morgan Stanley Global Banking Op | $41,590 reported compensation |
| Voya Retirement Advisors, LLC | $6,059 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250922091445NAL0007430242001, received 2025-09-22, EIN 39-1137786, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.