Summit Automotive Partners 401(k) Review & Grade
Summit Automotive Partners Retirement Savings Plan
Centennial, COManagement of Companies1,036 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$840Employer $ per active participant
$4,910Employee $ saved per active participant
0.52%Direct admin cost, % of plan assets
$37.7MNet plan assets, end of year
$31,040Average balance per account
Score breakdown
- Employer generosity6.4 / 5013th percentile for employer $ per participant
- Low cost5.5 / 2522th percentile for low admin cost vs. same-size plans
- Employee saving5.9 / 1539th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score18 / 100 · Grade F
This plan vs. peers
Peers: Management of Companies plans with 500–2,499 active participants (172 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 13th |
| Lower admin cost | 22th |
| Employee saving | 39th |
| Peers that auto-enroll | 58% |
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Red flags from the filing
Corrective distributions: the plan refunded $13,187 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Summit Automotive Partners put in about $840 per active participant, below the typical peer ($2,492). 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.
- Direct plan expenses (0.52% 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.
- 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 | $870,168 |
| Participant (employee) contributions | $5,084,532 |
| Other contributions (incl. rollovers in) | $186,506 |
| Administrative expenses paid from the plan | $184,597 |
| Investment advisory & management fees | $91,999 |
| Other admin expenses | $16,750 |
| Benefits paid out | $6,211,341 |
| Net assets, start / end of year | $33.7M / $37.7M |
| Active participants, start / end of year | 1,301 / 770 |
| Participants with account balances | 1,216 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Eide Bailly |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company O | $73,072 reported compensation |
| Osaic Wealth Inc | $51,840 reported compensation |
| Empower Advisory Group, LLC | $40,159 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250924125835NAL0003025523001, received 2025-09-24, EIN 20-0739161, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.