Norfolk Iron & Metal Company 401(k) Review & Grade
Nim 401(k) Plan
Norfolk, NEWholesale Trade848 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$2,011Employer $ per active participant
$5,788Employee $ saved per active participant
0.22%Direct admin cost, % of plan assets
$78.0MNet plan assets, end of year
$81,013Average balance per account
Score breakdown
- Employer generosity27.9 / 5056th percentile for employer $ per participant
- Low cost12.9 / 2552th percentile for low admin cost vs. same-size plans
- Employee saving9.9 / 1566th 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: Wholesale Trade plans with 500–2,499 active participants (603 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 56th |
| Lower admin cost | 52th |
| Employee saving | 66th |
| Peers that auto-enroll | 53% |
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Red flags from the filing
Corrective distributions: the plan refunded $18,053 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Norfolk Iron & Metal put in about $2,011 per active participant, more than the typical peer ($1,792). 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 | $1,706,286 |
| Participant (employee) contributions | $4,910,727 |
| Other contributions (incl. rollovers in) | $498,398 |
| Administrative expenses paid from the plan | $158,514 |
| Contract administrator fees | $103,535 |
| Investment advisory & management fees | $54,979 |
| Benefits paid out | $7,354,913 |
| Net assets, start / end of year | $68.5M / $78.0M |
| Active participants, start / end of year | 879 / 818 |
| Participants with account balances | 963 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Forvis Mazars, LLP |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $103,535 reported compensation |
| D a Davidson & Co Inc | $55,000 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250728100454NAL0001833649001, received 2025-07-28, EIN 47-0460089, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.