Safilo USA, Inc. 401(k) Review & Grade
Safilo USA Inc./smith Sport Optics Inc. 401k Plan
Secaucus, NJWholesale Trade616 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$2,454Employer $ per active participant
$5,304Employee $ saved per active participant
0.24%Direct admin cost, % of plan assets
$61.6MNet plan assets, end of year
$77,974Average balance per account
Score breakdown
- Employer generosity32.5 / 5065th percentile for employer $ per participant
- Low cost12.0 / 2548th percentile for low admin cost vs. same-size plans
- Employee saving9.1 / 1560th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score64 / 100 · Grade B
This plan vs. peers
Peers: Wholesale Trade plans with 500–2,499 active participants (603 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 65th |
| Lower admin cost | 48th |
| Employee saving | 60th |
| Peers that auto-enroll | 53% |
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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
- Safilo USA put in about $2,454 per active participant, more than the typical peer ($1,792). 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 | $1,511,684 |
| Participant (employee) contributions | $3,267,468 |
| Other contributions (incl. rollovers in) | $501,733 |
| Administrative expenses paid from the plan | $144,243 |
| Investment advisory & management fees | $50,649 |
| Benefits paid out | $9,683,404 |
| Net assets, start / end of year | $56.5M / $61.6M |
| Active participants, start / end of year | 642 / 590 |
| Participants with account balances | 790 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Cohnreznick |
Largest service providers (Schedule C)
| Adp, Inc. | $80,468 reported compensation |
| Cetera Investment Advisers LLC | $50,649 reported compensation |
| Cohnreznick LLP | $12,600 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251011060528NAL0020039442001, received 2025-10-11, EIN 13-1982071, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.