Shamin Management, LLC 401(k) Review & Grade
Shamin Management 1 401(k) Plan
Richmond, VAAccommodation & Food Services1,502 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$82Employer $ per active participant
$542Employee $ saved per active participant
0.50%Direct admin cost, % of plan assets
$7.6MNet plan assets, end of year
–Average balance per account (account count looks misreported)
Score breakdown
- Employer generosity11.3 / 5023th percentile for employer $ per participant
- Low cost5.8 / 2523th percentile for low admin cost vs. same-size plans
- Employee saving5.0 / 1533th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score22 / 100 · Grade F
This plan vs. peers
Peers: Accommodation & Food Services plans with 500–2,499 active participants (458 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 23th |
| Lower admin cost | 23th |
| Employee saving | 33th |
| Peers that auto-enroll | 17% |
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Red flags from the filing
Corrective distributions: the plan refunded $20,477 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Shamin Management put in about $82 per active participant, below the typical peer ($266). 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 (0.50% of assets) are well above similar-size plans (0.23%). 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.
- 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 | $123,398 |
| Participant (employee) contributions | $814,632 |
| Other contributions (incl. rollovers in) | $8,149 |
| Administrative expenses paid from the plan | $35,311 |
| Investment advisory & management fees | $3,352 |
| Benefits paid out | $492,460 |
| Net assets, start / end of year | $6.5M / $7.6M |
| Active participants, start / end of year | 1,442 / 1,563 |
| Participants with account balances | 506 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | L2g, Inc. |
Largest service providers (Schedule C)
| Usi Consulting Group | $35,311 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014100455NAL0003573136001, received 2025-10-14, EIN 54-1868092, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.