SFP Holding, Inc. 401(k) Review & Grade
Summit Companies 401(k) Profit Sharing Plan
Mendota Heights, MNConstruction4,370 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$2,284Employer $ per active participant
$4,169Employee $ saved per active participant
0.18%Direct admin cost, % of plan assets
$165.9MNet plan assets, end of year
$36,189Average balance per account
Score breakdown
- Employer generosity26.7 / 5053th percentile for employer $ per participant
- Low cost9.4 / 2538th percentile for low admin cost vs. same-size plans
- Employee saving6.8 / 1545th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-8 pts2 issues reported on the filing
Total score45 / 100 · Grade C
This plan vs. peers
Peers: Construction plans with 2,500–9,999 active participants (76 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 53th |
| Lower admin cost | 38th |
| Employee saving | 45th |
| Peers that auto-enroll | 57% |
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Red flags from the filing
No fidelity bond: the plan reported it was not covered by a fidelity bond, which protects participants against theft.
Corrective distributions: the plan refunded $11,156 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- SFP Holding put in about $2,284 per active participant, more than the typical peer ($1,965). 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 | $9,981,051 |
| Participant (employee) contributions | $18,216,394 |
| Other contributions (incl. rollovers in) | $3,945,069 |
| Administrative expenses paid from the plan | $270,421 |
| Contract administrator fees | $270,421 |
| Benefits paid out | $13,158,709 |
| Net assets, start / end of year | $129.3M / $165.9M |
| Active participants, start / end of year | 4,246 / 4,494 |
| Participants with account balances | 4,583 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Plante & Moran, PLLC |
Largest service providers (Schedule C)
| Stancorp Financial Group | $559,953 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251009112644NAL0010851392001, received 2025-10-09, EIN 20-5225425, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.