Steris Corporation 401(k) Review & Grade
Steris Corporation 401(k) Plan
Mentor, OHManufacturing11,024 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$2,674Employer $ per active participant
$6,949Employee $ saved per active participant
0.06%Direct admin cost, % of plan assets
$1.3BNet plan assets, end of year
$98,348Average balance per account
Score breakdown
- Employer generosity11.0 / 5022th percentile for employer $ per participant
- Low cost16.0 / 2564th percentile for low admin cost vs. same-size plans
- Employee saving5.5 / 1537th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score40 / 100 · Grade D
This plan vs. peers
Peers: Manufacturing plans with 10,000+ active participants (151 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 22th |
| Lower admin cost | 64th |
| Employee saving | 37th |
| Peers that auto-enroll | 69% |
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Red flags from the filing
Corrective distributions: the plan refunded $12,962 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Steris put in about $2,674 per active participant, below the typical peer ($5,480). 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 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 | $29,483,123 |
| Participant (employee) contributions | $76,604,132 |
| Other contributions (incl. rollovers in) | $19,346,162 |
| Administrative expenses paid from the plan | $731,546 |
| Other admin expenses | $731,546 |
| Benefits paid out | $131,587,522 |
| Net assets, start / end of year | $1.1B / $1.3B |
| Active participants, start / end of year | 11,225 / 10,824 |
| Participants with account balances | 12,812 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Bober, Markey, Fedorvich & Company |
| Employer stock held by plan | $81,552,897 |
Largest service providers (Schedule C)
| The Vanguard Group, Inc. | $784,096 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014091528NAL0001159683001, received 2025-10-14, EIN 34-1482024, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.