Patrick Industries, Inc. 401(k) Review & Grade
Patrick Industries, Inc. 401(k) Employee Savings Plan
Elkhart, INManufacturing8,176 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$1,146Employer $ per active participant
$1,983Employee $ saved per active participant
0.39%Direct admin cost, % of plan assets
$157.0MNet plan assets, end of year
$21,354Average balance per account
Score breakdown
- Employer generosity6.6 / 5013th percentile for employer $ per participant
- Low cost4.2 / 2517th percentile for low admin cost vs. same-size plans
- Employee saving1.2 / 158th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score2 / 100 · Grade F
This plan vs. peers
Peers: Manufacturing plans with 2,500–9,999 active participants (566 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 13th |
| Lower admin cost | 17th |
| Employee saving | 8th |
| Peers that auto-enroll | 70% |
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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 ($1,772 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $10,921 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Patrick Industries put in about $1,146 per active participant, below the typical peer ($3,452). 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.
- Direct plan expenses (0.39% of assets) are well above similar-size plans (0.12%). Check your annual fee disclosure, choose low-cost index funds if you can, and think about whether savings beyond the match belong in an IRA.
- 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 | $9,370,562 |
| Participant (employee) contributions | $16,211,837 |
| Other contributions (incl. rollovers in) | $3,478,922 |
| Administrative expenses paid from the plan | $557,322 |
| Contract administrator fees | $600 |
| Investment advisory & management fees | $112,257 |
| Benefits paid out | $17,002,321 |
| Net assets, start / end of year | $127.1M / $157.0M |
| Active participants, start / end of year | 8,541 / 7,812 |
| Participants with account balances | 7,353 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Crowe LLP |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $406,742 reported compensation |
| Guidance Investment | $68,932 reported compensation |
| Strategic Advisors, Inc. | $43,324 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251006084257NAL0001930339001, received 2025-10-06, EIN 35-1057796, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.