Steel Warehouse Company LLC 401(k) Review & Grade
Steel Warehouse, Lock Joint Tube and Sfi Consolidated Profit Sharing Plan
South Bend, INManufacturing1,576 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$399Employer $ per active participant
$3,674Employee $ saved per active participant
0.36%Direct admin cost, % of plan assets
$128.1MNet plan assets, end of year
$62,827Average balance per account
Score breakdown
- Employer generosity2.7 / 505th percentile for employer $ per participant
- Low cost8.6 / 2534th percentile for low admin cost vs. same-size plans
- Employee saving4.8 / 1532th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-23 pts3 issues reported on the filing
Total score3 / 100 · Grade F
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 5th |
| Lower admin cost | 34th |
| Employee saving | 32th |
| Peers that auto-enroll | 59% |
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Red flags from the filing
Benefits not paid when due: the plan reported failing to pay some benefits on time.
Prohibited transactions: the plan reported non-exempt transactions with a party in interest.
Corrective distributions: the plan refunded $56,314 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Steel Warehouse Company put in about $399 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 (0.36% 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 | $628,005 |
| Participant (employee) contributions | $5,789,078 |
| Other contributions (incl. rollovers in) | $917,172 |
| Administrative expenses paid from the plan | $439,816 |
| Investment advisory & management fees | $36,257 |
| Other admin expenses | $271,612 |
| Benefits paid out | $12,651,069 |
| Net assets, start / end of year | $118.1M / $128.1M |
| Active participants, start / end of year | 1,566 / 1,585 |
| Participants with account balances | 2,039 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Kruggel Lawton CPA |
Largest service providers (Schedule C)
| Emp Annuity Insurance Co of America | $56,139 reported compensation |
| Crowe LLP | $49,613 reported compensation |
| Fidelity Investments Institutional | $40,280 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250826115053NAL0004416323001, received 2025-08-26, EIN 20-3534605, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.