Heidtman Steel Products 401(k) Review & Grade
Heidtman Steel Retirement Savings 401(k) Plan
Toledo, OHManufacturing714 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$2,214Employer $ per active participant
$4,954Employee $ saved per active participant
0.33%Direct admin cost, % of plan assets
$72.6MNet plan assets, end of year
$77,573Average balance per account
Score breakdown
- Employer generosity23.9 / 5048th percentile for employer $ per participant
- Low cost9.4 / 2537th percentile for low admin cost vs. same-size plans
- Employee saving7.6 / 1550th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score38 / 100 · Grade D
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 48th |
| Lower admin cost | 37th |
| Employee saving | 50th |
| Peers that auto-enroll | 59% |
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Red flags from the filing
Late deposits: the filing says some employee contributions were not sent to the plan on time ($9,672 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $28,496 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Heidtman Steel Products put in about $2,214 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.
- The plan reported late deposits of employee contributions. Compare your pay stubs with your account statements, and contact the plan administrator if money shows up late.
- 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 | $1,580,642 |
| Participant (employee) contributions | $3,536,945 |
| Other contributions (incl. rollovers in) | $392,567 |
| Administrative expenses paid from the plan | $241,401 |
| Contract administrator fees | $122,790 |
| Investment advisory & management fees | $109,715 |
| Benefits paid out | $9,604,346 |
| Net assets, start / end of year | $75.3M / $72.6M |
| Active participants, start / end of year | 774 / 654 |
| Participants with account balances | 936 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | William Vaughan Company |
| Employer stock held by plan | $3,604,740 |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $108,771 reported compensation |
| Ubs Financial Services Inc | $91,826 reported compensation |
| William Vaughan Company | $22,895 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20260112124401NAL0025798418001, received 2026-01-12, EIN 34-0930923, plan #003, plan year 2024-04-01 to 2025-03-31. Verify at efast.dol.gov.