Steelcase, Inc. 401(k) Review & Grade
Steelcase Inc. Retirement Plan
Grand Rapids, MIManufacturing4,214 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$10,380Employer $ per active participant
$10,522Employee $ saved per active participant
0.05%Direct admin cost, % of plan assets
$1.5BNet plan assets, end of year
$265,317Average balance per account
Score breakdown
- Employer generosity47.7 / 5095th percentile for employer $ per participant
- Low cost19.9 / 2580th percentile for low admin cost vs. same-size plans
- Employee saving12.7 / 1585th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score87 / 100 · Grade A
This plan vs. peers
Peers: Manufacturing plans with 2,500–9,999 active participants (566 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 95th |
| Lower admin cost | 80th |
| Employee saving | 85th |
| Peers that auto-enroll | 70% |
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Red flags from the filing
Corrective distributions: the plan refunded $11,258 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Steelcase put in about $10,380 per active participant, more than the typical peer ($3,452). 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 | $43,739,472 |
| Participant (employee) contributions | $44,340,184 |
| Other contributions (incl. rollovers in) | $3,206,697 |
| Administrative expenses paid from the plan | $692,643 |
| Investment advisory & management fees | $360,380 |
| Other admin expenses | $2,400 |
| Benefits paid out | $183,228,361 |
| Net assets, start / end of year | $1.4B / $1.5B |
| Active participants, start / end of year | 4,280 / 4,148 |
| Participants with account balances | 5,640 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Bdo USA, P.C. |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company | $291,258 reported compensation |
| Empower Advisory Group, LLC | $259,977 reported compensation |
| Aon Investments USA Inc | $100,402 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251022163257NAL0002257392001, received 2025-10-22, EIN 38-0819050, plan #001, plan year 2024-03-01 to 2025-02-28. Verify at efast.dol.gov.