SKF USA Inc. 401(k) Review & Grade
SKF USA Inc. 401(k) Retirement and Savings Plan
Blue Bell, PAManufacturing2,444 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$9,612Employer $ per active participant
$10,211Employee $ saved per active participant
0.08%Direct admin cost, % of plan assets
$816.0MNet plan assets, end of year
$224,848Average balance per account
Score breakdown
- Employer generosity47.9 / 5096th percentile for employer $ per participant
- Low cost20.0 / 2580th percentile for low admin cost vs. same-size plans
- Employee saving13.5 / 1590th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score88 / 100 · Grade A
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 96th |
| Lower admin cost | 80th |
| Employee saving | 90th |
| Peers that auto-enroll | 59% |
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Red flags from the filing
Corrective distributions: the plan refunded $23,381 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- SKF USA put in about $9,612 per active participant, more than the typical peer ($2,320). 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 | $23,497,577 |
| Participant (employee) contributions | $24,961,812 |
| Other contributions (incl. rollovers in) | $1,556,863 |
| Administrative expenses paid from the plan | $599,017 |
| Other admin expenses | $599,017 |
| Benefits paid out | $88,409,554 |
| Net assets, start / end of year | $764.7M / $816.0M |
| Active participants, start / end of year | 2,566 / 2,323 |
| Participants with account balances | 3,629 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Baker Tilly US, LLP |
Largest service providers (Schedule C)
| Vanguard Advisers Inc. | $366,065 reported compensation |
| The Vanguard Group, Inc. | $248,831 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014081658NAL0005032642001, received 2025-10-14, EIN 23-1043740, plan #005, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.