Silver Bay Seafoods, L.L.C. 401(k) Review & Grade
Silver Bay Seafoods 401(k) Plan and Trust
Seattle, WAManufacturing1,532 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$990Employer $ per active participant
$1,905Employee $ saved per active participant
0.17%Direct admin cost, % of plan assets
$35.3MNet plan assets, end of year
–Average balance per account (account count looks misreported)
Score breakdown
- Employer generosity8.3 / 5017th percentile for employer $ per participant
- Low cost14.9 / 2559th percentile for low admin cost vs. same-size plans
- Employee saving1.6 / 1511th percentile for employee $ per participant
- Plan features7 / 10Auto-enrollment
- Red-flag deductions-10 pts1 issue reported on the filing
Total score22 / 100 · Grade F
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 17th |
| Lower admin cost | 59th |
| Employee saving | 11th |
| 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 ($830,383 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
What to do if you're in this plan
- Silver Bay Seafoods put in about $990 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 | $1,517,903 |
| Participant (employee) contributions | $2,919,356 |
| Other contributions (incl. rollovers in) | $122,827 |
| Administrative expenses paid from the plan | $38,313 |
| Investment advisory & management fees | $5,136 |
| Benefits paid out | $1,376,646 |
| Net assets, start / end of year | $9.7M / $35.3M |
| Active participants, start / end of year | 2,107 / 958 |
| Participants with account balances | 563 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Clark Nuber |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company | $33,177 reported compensation |
| Empower Advisory Group, LLC | $5,136 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015101816NAL0002133283001, received 2025-10-15, EIN 20-5552025, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.