Steel Technologies LLC 401(k) Review & Grade
Steel Technologies LLC Retirement Savings Plan
Louisville, KYManufacturing1,738 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$2,473Employer $ per active participant
$4,522Employee $ saved per active participant
0.17%Direct admin cost, % of plan assets
$190.6MNet plan assets, end of year
$105,175Average balance per account
Score breakdown
- Employer generosity26.8 / 5054th percentile for employer $ per participant
- Low cost15.0 / 2560th percentile for low admin cost vs. same-size plans
- Employee saving6.7 / 1545th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score59 / 100 · Grade C
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 54th |
| Lower admin cost | 60th |
| Employee saving | 45th |
| 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
- Steel Technologies put in about $2,473 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.
- 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 | $4,297,381 |
| Participant (employee) contributions | $7,856,550 |
| Other contributions (incl. rollovers in) | $2,973,338 |
| Administrative expenses paid from the plan | $283,943 |
| Investment advisory & management fees | $145,193 |
| Other admin expenses | $2,603 |
| Benefits paid out | $27,604,767 |
| Net assets, start / end of year | $148.9M / $190.6M |
| Active participants, start / end of year | 1,608 / 1,867 |
| Participants with account balances | 1,812 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Cherry Bekaert LLP |
Largest service providers (Schedule C)
| Empower Advisory Group, LLC | $129,693 reported compensation |
| Empower Annuity Insurance Company | $122,586 reported compensation |
| Bergankdv LTD | $15,500 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251013164209NAL0000844691001, received 2025-10-13, EIN 61-0712014, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.