Steel Services LTD 401(k) Review & Grade
Steel Partners 401(k) Savings Plan
New York City, NYManufacturing2,920 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$1,586Employer $ per active participant
$5,014Employee $ saved per active participant
0.07%Direct admin cost, % of plan assets
$287.4MNet plan assets, end of year
$93,498Average balance per account
Score breakdown
- Employer generosity10.2 / 5020th percentile for employer $ per participant
- Low cost17.1 / 2568th percentile for low admin cost vs. same-size plans
- Employee saving5.5 / 1536th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score23 / 100 · Grade F
This plan vs. peers
Peers: Manufacturing plans with 2,500–9,999 active participants (566 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 20th |
| Lower admin cost | 68th |
| Employee saving | 36th |
| Peers that auto-enroll | 70% |
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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 ($20,164 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $3,904 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Steel Services put in about $1,586 per active participant, below the typical peer ($3,452). 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 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 | $4,628,912 |
| Participant (employee) contributions | $14,637,935 |
| Other contributions (incl. rollovers in) | $4,710,169 |
| Administrative expenses paid from the plan | $193,498 |
| Contract administrator fees | $1,800 |
| Investment advisory & management fees | $51,236 |
| Benefits paid out | $38,995,203 |
| Net assets, start / end of year | $263.9M / $287.4M |
| Active participants, start / end of year | 3,137 / 2,702 |
| Participants with account balances | 3,074 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Baker Tilly US, LLP |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $108,662 reported compensation |
| Strategic Advisors, Inc. | $51,236 reported compensation |
| Baker Tilly US, LLP | $33,600 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251010080249NAL0007353201001, received 2025-10-10, EIN 45-3811142, plan #010, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.