Philly Shipyard, Inc. 401(k) Review & Grade
Philly Shipyard 401(k) Plan
Philadelphia, PAManufacturing540 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$3,094Employer $ per active participant
$5,110Employee $ saved per active participant
0.29%Direct admin cost, % of plan assets
$38.1MNet plan assets, end of year
$55,830Average balance per account
Score breakdown
- Employer generosity32.3 / 5065th percentile for employer $ per participant
- Low cost10.3 / 2541th percentile for low admin cost vs. same-size plans
- Employee saving7.9 / 1553th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score60 / 100 · Grade B
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 65th |
| Lower admin cost | 41th |
| Employee saving | 53th |
| Peers that auto-enroll | 59% |
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Red flags from the filing
No red flags were reported on this filing's compliance questions.
What to do if you're in this plan
- Philly Shipyard put in about $3,094 per active participant, more than the typical peer ($2,320). Contribute at least enough to collect the full match. Skipping it leaves part of your pay on the table.
- 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 | $1,669,113 |
| Participant (employee) contributions | $2,757,035 |
| Other contributions (incl. rollovers in) | $446,622 |
| Administrative expenses paid from the plan | $100,734 |
| Contract administrator fees | $67,444 |
| Investment advisory & management fees | $33,290 |
| Benefits paid out | $1,631,252 |
| Net assets, start / end of year | $30.6M / $38.1M |
| Active participants, start / end of year | 519 / 560 |
| Participants with account balances | 682 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Wipfli LLP |
Largest service providers (Schedule C)
| The Vanguard Group, Inc. | $67,684 reported compensation |
| NFP Retirement | $33,290 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250925083811NAL0009540752001, received 2025-09-25, EIN 23-2946098, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.