Sumitomo Machinery Corporation of America 401(k) Review & Grade
Sumitomo Machinery Corporation of America Savings and Investment Plan
Chesapeake, VAManufacturing501 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$2,620Employer $ per active participant
$8,376Employee $ saved per active participant
0.19%Direct admin cost, % of plan assets
$70.4MNet plan assets, end of year
$122,078Average balance per account
Score breakdown
- Employer generosity28.1 / 5056th percentile for employer $ per participant
- Low cost13.8 / 2555th percentile for low admin cost vs. same-size plans
- Employee saving12.4 / 1583th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score64 / 100 · Grade B
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 56th |
| Lower admin cost | 55th |
| Employee saving | 83th |
| 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
- Sumitomo Machinery Corporation of America put in about $2,620 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 | $1,312,569 |
| Participant (employee) contributions | $4,196,596 |
| Other contributions (incl. rollovers in) | $894,406 |
| Administrative expenses paid from the plan | $129,388 |
| Contract administrator fees | $110,901 |
| Investment advisory & management fees | $18,487 |
| Benefits paid out | $7,411,027 |
| Net assets, start / end of year | $63.5M / $70.4M |
| Active participants, start / end of year | 507 / 495 |
| Participants with account balances | 577 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | PB Mares, LLP |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $110,901 reported compensation |
| Capitol Securities Mgmt. | $18,500 reported compensation |
| Morningstar Investment Management L | $0 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251006070512NAL0003289745001, received 2025-10-06, EIN 22-1815055, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.