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Grade My 401(k)
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1 critical issue

Board of Trustees of the Deferred Salary Plan of the Electrical Ind

11-2656063· Flushing, NY· JOINT INDUSTRY BOARD· 2024 filing· vs 11 plans your size
D
0/100
Overall grade

Below average. Several areas need attention.

B
Fees
B
Financial Wellness
F
Plan design
D
Compliance
Fees

Your plan pays around 5 bps of assets per year. Similar plans pay around 9 bps. Your plan is a bit cheaper than most similar plans.

B
cheaper32th percentilepricier
Financial Wellness

Middle-of-the-pack savings. Employees put away $6,745/employee a year. That's about average for plans this size.

B
lower64th percentilehigher
Plan design

The employer contributes through profit sharing rather than a standard match.

F
Employer contributes via profit sharing
No standard match, but the employer puts money in through profit sharing. Often a flat percentage to everyone, which works like a match for employees.
No automatic enrollment
Employees have to opt in themselves. Auto-enrollment is the easiest way to lift participation, and most newly started plans are now required to include it.
Not safe harbor
The plan has to pass annual IRS nondiscrimination testing, which can cap what owners and higher earners are allowed to contribute.
Default investment (QDIA)
Employees who never pick investments land in a sensible default, usually a target-date fund, instead of cash.
No brokerage window
Employees can only invest through the plan's core fund menu. A brokerage window opens the wider market for people who want more control.
Compliance & health

1 critical issue on the latest filing. These need attention.

D
Late employee deposits
Employee 401(k) deposits didn't reach the plan on time. The DOL treats this as a prohibited transaction, and it's one of the most common audit triggers. It needs a formal correction, not just a late deposit.
Fidelity bond below 10% of BOY assets, ERISA 412 violation
The reported ERISA fidelity bond is below the 10%-of-assets guideline based on beginning-of-year assets. Fast-growing plans can look under-bonded on paper; confirm against the plan's current bond coverage.
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Key insights

  • Strongest area: fees. Your plan pays around 5 bps of assets per year. Similar plans pay around 9 bps. Your plan is a bit cheaper than most similar plans.
  • Best place to improve: plan design. The employer contributes through profit sharing rather than a standard match.
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