Summit Utilities, Inc. 401(k) Review & Grade
Summit Utilities, Inc. 401(k) Plan
Fort Smith, ARUtilities1,333 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$4,356Employer $ per active participant
$6,404Employee $ saved per active participant
0.31%Direct admin cost, % of plan assets
$100.1MNet plan assets, end of year
$69,115Average balance per account
Score breakdown
- Employer generosity11.5 / 5023th percentile for employer $ per participant
- Low cost9.8 / 2539th percentile for low admin cost vs. same-size plans
- Employee saving2.0 / 1514th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score33 / 100 · Grade D
This plan vs. peers
Peers: Utilities plans with 500–2,499 active participants (75 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 23th |
| Lower admin cost | 39th |
| Employee saving | 14th |
| Peers that auto-enroll | 76% |
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Red flags from the filing
No red flags were reported on this filing's compliance questions.
What to do if you're in this plan
- Summit Utilities put in about $4,356 per active participant, below the typical peer ($6,264). 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.
- 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.
- 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 | $5,805,972 |
| Participant (employee) contributions | $8,536,735 |
| Other contributions (incl. rollovers in) | $1,481,167 |
| Administrative expenses paid from the plan | $278,999 |
| Investment advisory & management fees | $126,464 |
| Benefits paid out | $7,043,321 |
| Net assets, start / end of year | $79.8M / $100.1M |
| Active participants, start / end of year | 1,325 / 1,341 |
| Participants with account balances | 1,449 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Plante & Moran, PLLC |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company O | $169,822 reported compensation |
| Empower Advisory Group, LLC | $126,464 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251009153807NAL0007225681001, received 2025-10-09, EIN 20-0929645, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.