Reeds Jewelers, Inc. 401(k) Review & Grade
Reeds Jewelers, Inc. 401(k) Profit Sharing Retirement Plan
Wilmington, NCRetail Trade790 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$700Employer $ per active participant
$3,406Employee $ saved per active participant
0.46%Direct admin cost, % of plan assets
$34.9MNet plan assets, end of year
$37,363Average balance per account
Score breakdown
- Employer generosity24.1 / 5048th percentile for employer $ per participant
- Low cost6.3 / 2525th percentile for low admin cost vs. same-size plans
- Employee saving8.6 / 1558th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score36 / 100 · Grade D
This plan vs. peers
Peers: Retail Trade plans with 500–2,499 active participants (719 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 48th |
| Lower admin cost | 25th |
| Employee saving | 58th |
| Peers that auto-enroll | 48% |
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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 ($695 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $34,723 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Reeds Jewelers put in about $700 per active participant, below the typical peer ($743). 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 (0.46% of assets) are well above similar-size plans (0.23%). 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 | $553,683 |
| Participant (employee) contributions | $2,692,110 |
| Other contributions (incl. rollovers in) | $185,266 |
| Administrative expenses paid from the plan | $154,073 |
| Contract administrator fees | $2,000 |
| Investment advisory & management fees | $63,322 |
| Benefits paid out | $3,556,222 |
| Net assets, start / end of year | $31.4M / $34.9M |
| Active participants, start / end of year | 828 / 753 |
| Participants with account balances | 934 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Bernard, Robinson & Co |
Largest service providers (Schedule C)
| Empower Annuity Ins Co of America | $88,751 reported compensation |
| Commonwealth Financial Network | $56,034 reported compensation |
| Qualified Retirement Plan Services, | $12,000 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251008125759NAL0009442448001, received 2025-10-08, EIN 56-1441706, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.