Bassett Furniture Ind. Inc. 401(k) Review & Grade
Bassett Furniture Ind. Inc. 401(k) Plan
Bassett, VARetail Trade1,262 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$748Employer $ per active participant
$3,595Employee $ saved per active participant
0.31%Direct admin cost, % of plan assets
$72.8MNet plan assets, end of year
$47,929Average balance per account
Score breakdown
- Employer generosity25.1 / 5050th percentile for employer $ per participant
- Low cost9.9 / 2540th percentile for low admin cost vs. same-size plans
- Employee saving9.0 / 1560th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score54 / 100 · Grade C
This plan vs. peers
Peers: Retail Trade plans with 500–2,499 active participants (719 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 50th |
| Lower admin cost | 40th |
| Employee saving | 60th |
| Peers that auto-enroll | 48% |
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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
- Bassett Furniture Ind. put in about $748 per active participant, more than the typical peer ($743). 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 | $943,957 |
| Participant (employee) contributions | $4,539,194 |
| Other contributions (incl. rollovers in) | $563,299 |
| Administrative expenses paid from the plan | $216,490 |
| Investment advisory & management fees | $58,589 |
| Other admin expenses | $111 |
| Benefits paid out | $8,348,032 |
| Net assets, start / end of year | $68.0M / $72.8M |
| Active participants, start / end of year | 1,302 / 1,223 |
| Participants with account balances | 1,518 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Smith Leonard PLLC |
| Employer stock held by plan | $2,563,138 |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company | $157,790 reported compensation |
| Mma Securities LLC | $58,150 reported compensation |
| Advised Assets Group, LLC | $440 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251008094418NAL0005644049001, received 2025-10-08, EIN 54-0135270, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.