Summit Packaging Systems, LLC 401(k) Review & Grade
Summit Packaging Systems 401(k) Plan
Manchester, NHManufacturing643 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$664Employer $ per active participant
$2,540Employee $ saved per active participant
0.09%Direct admin cost, % of plan assets
$34.5MNet plan assets, end of year
$60,391Average balance per account
Score breakdown
- Employer generosity4.9 / 5010th percentile for employer $ per participant
- Low cost19.4 / 2578th percentile for low admin cost vs. same-size plans
- Employee saving2.6 / 1517th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score34 / 100 · Grade D
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 10th |
| Lower admin cost | 78th |
| Employee saving | 17th |
| Peers that auto-enroll | 59% |
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Red flags from the filing
Corrective distributions: the plan refunded $19,194 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Summit Packaging Systems put in about $664 per active participant, below the typical peer ($2,320). 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 | $426,713 |
| Participant (employee) contributions | $1,633,244 |
| Other contributions (incl. rollovers in) | $144,074 |
| Administrative expenses paid from the plan | $29,305 |
| Other admin expenses | $29,305 |
| Benefits paid out | $4,444,970 |
| Net assets, start / end of year | $33.4M / $34.5M |
| Active participants, start / end of year | 625 / 661 |
| Participants with account balances | 572 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Baker Newman & Noyes LLC |
Largest service providers (Schedule C)
| Empower Advisory Group, LLC | $19,794 reported compensation |
| Envestnet Retirement Solutions, LLC | $10,688 reported compensation |
| Empower Annuity Insurance Company | $0 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250731091707NAL0002467827001, received 2025-07-31, EIN 02-0325133, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.