The Chenega Corporation 401(k) Review & Grade
Chenega Corporation 401(k) Profit Sharing Plan and Trust
Anchorage, AKManagement of Companies7,570 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$2,009Employer $ per active participant
$4,118Employee $ saved per active participant
0.22%Direct admin cost, % of plan assets
$451.4MNet plan assets, end of year
$70,835Average balance per account
Score breakdown
- Employer generosity12.7 / 5025th percentile for employer $ per participant
- Low cost7.7 / 2531th percentile for low admin cost vs. same-size plans
- Employee saving3.3 / 1522th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score24 / 100 · Grade F
This plan vs. peers
Peers: Management of Companies plans with 2,500–9,999 active participants (60 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 25th |
| Lower admin cost | 31th |
| Employee saving | 22th |
| Peers that auto-enroll | 58% |
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Red flags from the filing
Corrective distributions: the plan refunded $3,465 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Chenega put in about $2,009 per active participant, below the typical peer ($3,455). 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 (0.22% of assets) are well above similar-size plans (0.12%). 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 | $15,209,323 |
| Participant (employee) contributions | $31,171,746 |
| Other contributions (incl. rollovers in) | $14,133,277 |
| Administrative expenses paid from the plan | $945,672 |
| Investment advisory & management fees | $40,000 |
| Other admin expenses | $513,410 |
| Benefits paid out | $57,185,832 |
| Net assets, start / end of year | $392.3M / $451.4M |
| Active participants, start / end of year | 7,277 / 7,864 |
| Participants with account balances | 6,373 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | RSM US LLP |
Largest service providers (Schedule C)
| Merrill Lynch, Pierce, Fenner and S | $350,262 reported compensation |
| RSM US LLP | $42,000 reported compensation |
| Mma Securities | $40,000 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014165741NAL0001676931001, received 2025-10-14, EIN 92-0047563, plan #003, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.