Lapham-Hickey Steel Corp. 401(k) Review & Grade
The Salary Thrift Savings Plan for Employees of Lapham-Hickey Steel Corp
Bedford Park, ILWholesale Trade698 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$1,738Employer $ per active participant
$3,395Employee $ saved per active participant
0.33%Direct admin cost, % of plan assets
$53.3MNet plan assets, end of year
$97,880Average balance per account
Score breakdown
- Employer generosity24.0 / 5048th percentile for employer $ per participant
- Low cost9.4 / 2538th percentile for low admin cost vs. same-size plans
- Employee saving4.4 / 1529th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score38 / 100 · Grade D
This plan vs. peers
Peers: Wholesale Trade plans with 500–2,499 active participants (603 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 48th |
| Lower admin cost | 38th |
| Employee saving | 29th |
| Peers that auto-enroll | 53% |
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Red flags from the filing
Corrective distributions: the plan refunded $19,571 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Lapham-Hickey Steel put in about $1,738 per active participant, below the typical peer ($1,792). 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.
- 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 | $1,213,393 |
| Participant (employee) contributions | $2,369,682 |
| Other contributions (incl. rollovers in) | $344,424 |
| Administrative expenses paid from the plan | $165,027 |
| Investment advisory & management fees | $6,879 |
| Other admin expenses | $52,528 |
| Benefits paid out | $4,856,292 |
| Net assets, start / end of year | $48.1M / $53.3M |
| Active participants, start / end of year | 722 / 674 |
| Participants with account balances | 545 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Cliftonlarsonallen LLP |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company | $87,320 reported compensation |
| Merrill Lynch Pierce Fenner & Smith | $52,528 reported compensation |
| Clifton Larson Allen LLP | $18,300 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251010134928NAL0004306179001, received 2025-10-10, EIN 36-2338813, plan #003, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.