Southern Champion Tray, L P 401(k) Review & Grade
Southern Champion Tray, LP 401(k) Savings and Retirement Plan
Chattanooga, TNManufacturing912 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,680Employer $ per active participant
$3,875Employee $ saved per active participant
0.40%Direct admin cost, % of plan assets
$55.4MNet plan assets, end of year
$46,480Average balance per account
Score breakdown
- Employer generosity17.5 / 5035th percentile for employer $ per participant
- Low cost7.7 / 2531th percentile for low admin cost vs. same-size plans
- Employee saving5.2 / 1535th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score37 / 100 · Grade D
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 35th |
| Lower admin cost | 31th |
| Employee saving | 35th |
| Peers that auto-enroll | 59% |
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Red flags from the filing
Corrective distributions: the plan refunded $8,859 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Southern Champion Tray, L P put in about $1,680 per active participant, below the typical peer ($2,320). 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 (0.40% 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.
- 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 | $1,531,982 |
| Participant (employee) contributions | $3,534,136 |
| Other contributions (incl. rollovers in) | $941,055 |
| Administrative expenses paid from the plan | $206,616 |
| Investment advisory & management fees | $64,873 |
| Other admin expenses | $18,082 |
| Benefits paid out | $5,970,110 |
| Net assets, start / end of year | $49.1M / $55.4M |
| Active participants, start / end of year | 926 / 898 |
| Participants with account balances | 1,192 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Lbmc, PC |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company | $123,661 reported compensation |
| Onedigital Investment Advisors LLC | $61,916 reported compensation |
| Cadaret Grant & Co Inc | $13,260 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251010125405NAL0004257395001, received 2025-10-10, EIN 62-0452437, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.