Challenge MFG. Holdings 401(k) Review & Grade
Challenge MFG. Company Profit Sharing and Retirement Savings Plan
Walker, MIManufacturing3,076 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$2,061Employer $ per active participant
$3,236Employee $ saved per active participant
0.55%Direct admin cost, % of plan assets
$90.9MNet plan assets, end of year
$28,088Average balance per account
Score breakdown
- Employer generosity14.2 / 5028th percentile for employer $ per participant
- Low cost2.8 / 2511th percentile for low admin cost vs. same-size plans
- Employee saving2.5 / 1517th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-10 pts1 issue reported on the filing
Total score20 / 100 · Grade F
This plan vs. peers
Peers: Manufacturing plans with 2,500–9,999 active participants (566 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 28th |
| Lower admin cost | 11th |
| Employee saving | 17th |
| Peers that auto-enroll | 70% |
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Red flags from the filing
Late deposits: the filing says some employee contributions were not sent to the plan on time ($598 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
What to do if you're in this plan
- Challenge MFG. Holdings put in about $2,061 per active participant, below the typical peer ($3,452). 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 (0.55% 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.
- The plan auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- The plan reported late deposits of employee contributions. Compare your pay stubs with your account statements, and contact the plan administrator if money shows up late.
- 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 | $6,340,508 |
| Participant (employee) contributions | $9,957,047 |
| Other contributions (incl. rollovers in) | $1,312,173 |
| Administrative expenses paid from the plan | $464,653 |
| Contract administrator fees | $464,653 |
| Benefits paid out | $16,807,828 |
| Net assets, start / end of year | $79.3M / $90.9M |
| Active participants, start / end of year | 3,293 / 2,860 |
| Participants with account balances | 3,236 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Rehmann Robson LLC |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $464,653 reported compensation |
| Morgan Stanley | $96,692 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015091030NAL0008472178001, received 2025-10-15, EIN 46-4294293, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.