Charter Next Generation, Inc. 401(k) Review & Grade
Charter Next Generation, Inc. 401(k) Plan
Chicago, ILManufacturing2,205 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$2,878Employer $ per active participant
$4,675Employee $ saved per active participant
0.20%Direct admin cost, % of plan assets
$137.7MNet plan assets, end of year
$49,352Average balance per account
Score breakdown
- Employer generosity30.5 / 5061th percentile for employer $ per participant
- Low cost13.5 / 2554th percentile for low admin cost vs. same-size plans
- Employee saving7.0 / 1546th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score58 / 100 · Grade C
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 61th |
| Lower admin cost | 54th |
| Employee saving | 46th |
| Peers that auto-enroll | 59% |
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Red flags from the filing
Corrective distributions: the plan refunded $41 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Charter Next Generation put in about $2,878 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 | $6,346,029 |
| Participant (employee) contributions | $10,308,392 |
| Other contributions (incl. rollovers in) | $1,240,341 |
| Administrative expenses paid from the plan | $255,378 |
| Contract administrator fees | $300 |
| Investment advisory & management fees | $41,000 |
| Benefits paid out | $9,694,744 |
| Net assets, start / end of year | $115.1M / $137.7M |
| Active participants, start / end of year | 2,025 / 2,385 |
| Participants with account balances | 2,790 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Cliftonlarsonallen LLP |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $197,368 reported compensation |
| Global Retirement Partners, LLC | $39,000 reported compensation |
| Cliftonlarsenallen LLP | $17,010 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250730104029NAL0004524977001, received 2025-07-30, EIN 47-3019794, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.