Klosterman Baking Company, Inc. 401(k) Review & Grade
Klosterman Baking Company Profit Sharing Plan
Cincinnati, OHManufacturing948 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$564Employer $ per active participant
$1,888Employee $ saved per active participant
0.25%Direct admin cost, % of plan assets
$21.1MNet plan assets, end of year
$21,593Average balance per account
Score breakdown
- Employer generosity4.1 / 508th percentile for employer $ per participant
- Low cost11.9 / 2547th percentile for low admin cost vs. same-size plans
- Employee saving1.5 / 1510th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score8 / 100 · Grade F
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 8th |
| Lower admin cost | 47th |
| Employee saving | 10th |
| Peers that auto-enroll | 59% |
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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 ($186,667 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $28,269 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Klosterman Baking Company put in about $564 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 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 | $534,842 |
| Participant (employee) contributions | $1,788,879 |
| Other contributions (incl. rollovers in) | $2,364 |
| Administrative expenses paid from the plan | $52,004 |
| Investment advisory & management fees | $40,549 |
| Benefits paid out | $4,452,863 |
| Net assets, start / end of year | $20.8M / $21.1M |
| Active participants, start / end of year | 926 / 969 |
| Participants with account balances | 976 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Clark, Schaefer, Hackett & Co. |
Largest service providers (Schedule C)
| LPL Financial LLC | $40,549 reported compensation |
| Fidelity Investments Institutional | $11,455 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015165724NAL0006985424001, received 2025-10-15, EIN 31-0625594, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.