Koniag, Inc. 401(k) Review & Grade
Koniag Retirement Plan
Anchorage, AKProfessional, Scientific & Technical Services3,060 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$2,153Employer $ per active participant
$6,855Employee $ saved per active participant
0.26%Direct admin cost, % of plan assets
$130.5MNet plan assets, end of year
$34,029Average balance per account
Score breakdown
- Employer generosity19.3 / 5039th percentile for employer $ per participant
- Low cost6.8 / 2527th percentile for low admin cost vs. same-size plans
- Employee saving5.6 / 1537th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score29 / 100 · Grade F
This plan vs. peers
Peers: Professional, Scientific & Technical Services plans with 2,500–9,999 active participants (231 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 39th |
| Lower admin cost | 27th |
| Employee saving | 37th |
| Peers that auto-enroll | 47% |
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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 ($11,062 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $70,033 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Koniag put in about $2,153 per active participant, below the typical peer ($2,951). 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 (0.26% 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 | $6,590,734 |
| Participant (employee) contributions | $20,978,284 |
| Other contributions (incl. rollovers in) | $6,901,511 |
| Administrative expenses paid from the plan | $293,290 |
| Other admin expenses | $31,513 |
| Benefits paid out | $15,311,841 |
| Net assets, start / end of year | $96.4M / $130.5M |
| Active participants, start / end of year | 2,420 / 3,701 |
| Participants with account balances | 3,834 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Forvis Mazars |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $36,469 reported compensation |
| Forvis Mazars | $26,513 reported compensation |
| Wealth Enhancement Group | $5,000 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015115028NAL0002244323001, received 2025-10-15, EIN 92-0042743, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.