Gerdau Macsteel, Inc. 401(k) Review & Grade
Gerdau Macsteel Savings Plan for Bargaining Employees
Jackson, MIManufacturing972 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,803Employer $ per active participant
$4,234Employee $ saved per active participant
0.15%Direct admin cost, % of plan assets
$66.4MNet plan assets, end of year
$61,722Average balance per account
Score breakdown
- Employer generosity19.0 / 5038th percentile for employer $ per participant
- Low cost15.6 / 2562th percentile for low admin cost vs. same-size plans
- Employee saving6.0 / 1540th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-10 pts1 issue reported on the filing
Total score41 / 100 · Grade D
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 38th |
| Lower admin cost | 62th |
| Employee saving | 40th |
| Peers that auto-enroll | 59% |
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Red flags from the filing
Benefits not paid when due: the plan reported failing to pay some benefits on time.
What to do if you're in this plan
- Gerdau Macsteel put in about $1,803 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.
- Fund expense ratios aren't in the filing. Look them up in your 404(a)(5) fee disclosure and favor low-cost index or target-date funds.
- The plan auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- 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 | $1,752,748 |
| Participant (employee) contributions | $4,115,296 |
| Other contributions (incl. rollovers in) | $549,754 |
| Administrative expenses paid from the plan | $97,708 |
| Contract administrator fees | $600 |
| Investment advisory & management fees | $23,030 |
| Other admin expenses | $16,615 |
| Benefits paid out | $9,202,131 |
| Net assets, start / end of year | $60.0M / $66.4M |
| Active participants, start / end of year | 960 / 984 |
| Participants with account balances | 1,076 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Grant Thornton LLP |
Largest service providers (Schedule C)
| Grant Thornton | $61,750 reported compensation |
| Financial Engines | $23,030 reported compensation |
| Logos | $6,840 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251008143711NAL0009982784001, received 2025-10-08, EIN 38-1872178, plan #015, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.