Summit Electric Supply Co., Inc. 401(k) Review & Grade
Summit Electric Supply Co. 401k Plan
Albuquerque, NMWholesale Trade688 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,849Employer $ per active participant
$6,933Employee $ saved per active participant
0.07%Direct admin cost, % of plan assets
$94.5MNet plan assets, end of year
$98,764Average balance per account
Score breakdown
- Employer generosity26.3 / 5053th percentile for employer $ per participant
- Low cost20.4 / 2582th percentile for low admin cost vs. same-size plans
- Employee saving11.8 / 1578th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score56 / 100 · Grade C
This plan vs. peers
Peers: Wholesale Trade plans with 500–2,499 active participants (603 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 53th |
| Lower admin cost | 82th |
| Employee saving | 78th |
| Peers that auto-enroll | 53% |
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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 ($4,344 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $535 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Summit Electric Supply Co. put in about $1,849 per active participant, more than the typical peer ($1,792). 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 | $1,271,941 |
| Participant (employee) contributions | $4,769,951 |
| Other contributions (incl. rollovers in) | $1,318,352 |
| Administrative expenses paid from the plan | $60,807 |
| Contract administrator fees | $300 |
| Investment advisory & management fees | $39,810 |
| Benefits paid out | $8,985,702 |
| Net assets, start / end of year | $80.0M / $94.5M |
| Active participants, start / end of year | 657 / 719 |
| Participants with account balances | 957 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Bakertilly US, LLP |
Largest service providers (Schedule C)
| Sageview Advisory Group LLC | $39,810 reported compensation |
| Fidelity Workplace Services LLC | $21,022 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250729144605NAL0001410179001, received 2025-07-29, EIN 85-0252176, plan #005, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.