Somic America, Inc. 401(k) Review & Grade
Somic America, Inc. 401(k) Plan
Brewer, MEManufacturing553 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$4,609Employer $ per active participant
$3,311Employee $ saved per active participant
0.37%Direct admin cost, % of plan assets
$25.9MNet plan assets, end of year
$39,276Average balance per account
Score breakdown
- Employer generosity40.0 / 5080th percentile for employer $ per participant
- Low cost8.3 / 2533th percentile for low admin cost vs. same-size plans
- Employee saving4.0 / 1527th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score55 / 100 · Grade C
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 80th |
| Lower admin cost | 33th |
| Employee saving | 27th |
| 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
- Somic America put in about $4,609 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.
- Direct plan expenses (0.37% 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.
- 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 | $2,548,634 |
| Participant (employee) contributions | $1,830,895 |
| Other contributions (incl. rollovers in) | $395,349 |
| Administrative expenses paid from the plan | $86,274 |
| Investment advisory & management fees | $30,075 |
| Benefits paid out | $2,604,555 |
| Net assets, start / end of year | $20.8M / $25.9M |
| Active participants, start / end of year | 544 / 562 |
| Participants with account balances | 660 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Bdmp Assurance, LLP |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $56,270 reported compensation |
| Global Retirement Partners LLC | $24,000 reported compensation |
| Strategic Advisors, Inc. | $6,075 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251009121228NAL0003555875001, received 2025-10-09, EIN 27-0424674, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.