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Grade My 401(k)
Built by Basic Capital
1 issue

Tompkins Industries, Inc.

48-0814754· Olathe, KS· 2024 filing· vs 2,002 plans your size in your industry
C
0/100
Overall grade

Middle of the pack, with clear ways to do better.

–
Fees
not graded
D
Financial Wellness
D
Plan design
B
Compliance
Fees
Estimate only · not graded

Fees aren't disclosed. A typical estimate for a plan with this asset level is 40 bps, but this estimate is not graded.

Not graded
Financial Wellness

Below-average savings. Employees put away $2,575/employee a year. That's less than 80% of similar plans.

D
lower20th percentilehigher
Plan design

Good base, but no automatic enrollment. That's the top thing to add.

D
Employer match
The plan matches employee contributions, the single strongest driver of participation and savings.
Profit sharing
The employer also makes profit-sharing contributions on top of the match.
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.
Safe harbor
Guaranteed employer contributions exempt the plan from annual IRS testing, so owners and higher earners can contribute the full limit.
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 item to review, nothing critical.

B
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: compliance & health. 1 item to review, nothing critical.
  • Best place to improve: financial wellness. Below-average savings. Employees put away $2,575/employee a year. That's less than 80% of similar plans.
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