United Scrap Metal, Inc. 401(k) Review & Grade
United Scrap Metal 401(k) Retirement Plan
Cicero, ILManufacturing532 active participantsPlan year 2024
Estimate from the plan's Form 5500-SF filing · How we grade
$475Employer $ per active participant
$2,345Employee $ saved per active participant
0.93%Direct admin cost, % of plan assets
$7.2MNet plan assets, end of year
–Average balance per account (account count looks misreported)
Score breakdown
- Employer generosity3.2 / 506th percentile for employer $ per participant
- Low cost1.9 / 258th percentile for low admin cost vs. same-size plans
- Employee saving2.3 / 1515th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score7 / 100 · Grade F
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 6th |
| Lower admin cost | 8th |
| Employee saving | 15th |
| Peers that auto-enroll | 59% |
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Red flags from the filing
Corrective distributions: the plan refunded $206,965 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- United Scrap Metal put in about $475 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 (0.93% 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.
- 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 | $253,055 |
| Participant (employee) contributions | $1,248,507 |
| Other contributions (incl. rollovers in) | $49,224 |
| Administrative expenses paid from the plan | $60,218 |
| Benefits paid out | $638,183 |
| Net assets, start / end of year | $5.7M / $7.2M |
| Active participants, start / end of year | 544 / 521 |
| Participants with account balances | 241 |
| Auto-enrollment (feature code 2S) | Not reported |
Source: DOL EFAST2 Form 5500-SF filing, acknowledgment ID 20250512092441NAL0026685072001, received 2025-05-12, EIN 36-3047665, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.