Sonepar Management US, Inc 401(k) Review & Grade
Sonepar USA 401 (K) Plan
Charleston, SCWholesale Trade10,227 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$2,247Employer $ per active participant
$6,922Employee $ saved per active participant
0.09%Direct admin cost, % of plan assets
$1.2BNet plan assets, end of year
$90,687Average balance per account
Score breakdown
- Employer generosity22.1 / 5044th percentile for employer $ per participant
- Low cost11.5 / 2546th percentile for low admin cost vs. same-size plans
- Employee saving11.9 / 1579th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score43 / 100 · Grade D
This plan vs. peers
Peers: Wholesale Trade plans with 10,000+ active participants (35 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 44th |
| Lower admin cost | 46th |
| Employee saving | 79th |
| Peers that auto-enroll | 63% |
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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 ($10,099 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $25,090 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Sonepar Management US put in about $2,247 per active participant, below the typical peer ($2,420). 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.
- 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 | $22,984,216 |
| Participant (employee) contributions | $70,790,750 |
| Other contributions (incl. rollovers in) | $10,804,621 |
| Administrative expenses paid from the plan | $1,065,763 |
| Contract administrator fees | $17,777 |
| Investment advisory & management fees | $458,435 |
| Benefits paid out | $126,728,213 |
| Net assets, start / end of year | $1.0B / $1.2B |
| Active participants, start / end of year | 9,830 / 10,624 |
| Participants with account balances | 13,380 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Warren Averett |
Largest service providers (Schedule C)
| Schwab Retirement Plan Services,inc | $586,862 reported compensation |
| Capfinancial Partners LLC | $197,916 reported compensation |
| Morningstar Inc | $105,681 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250617180254NAL0000938691001, received 2025-06-17, EIN 23-2975775, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.