Steffes, LLC 401(k) Review & Grade
Steffes Employees' 401(k) Profit Sharing Plan
Dickinson, NDManufacturing559 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$3,029Employer $ per active participant
$4,638Employee $ saved per active participant
0.56%Direct admin cost, % of plan assets
$54.2MNet plan assets, end of year
$63,823Average balance per account
Score breakdown
- Employer generosity31.8 / 5064th percentile for employer $ per participant
- Low cost4.9 / 2520th percentile for low admin cost vs. same-size plans
- Employee saving6.9 / 1546th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score54 / 100 · Grade C
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 64th |
| Lower admin cost | 20th |
| Employee saving | 46th |
| Peers that auto-enroll | 59% |
Get the monthly 401(k) report card
The best and worst plans, new grades as filings post. One email a month, no spam.
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
- Steffes put in about $3,029 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.
- Direct plan expenses (0.56% 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 | $1,693,249 |
| Participant (employee) contributions | $2,592,846 |
| Other contributions (incl. rollovers in) | $369,972 |
| Administrative expenses paid from the plan | $285,464 |
| Investment advisory & management fees | $213,104 |
| Benefits paid out | $3,551,511 |
| Net assets, start / end of year | $47.2M / $54.2M |
| Active participants, start / end of year | 576 / 542 |
| Participants with account balances | 849 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Brady, Martz & Associates, P.C. |
Largest service providers (Schedule C)
| Bravera Wealth | $285,464 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250829104204NAL0006159347001, received 2025-08-29, EIN 45-0320555, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.