Sloan Implement Company, Inc. 401(k) Review & Grade
Sloan Implement Company, Inc. 401(k) Plan
Assumption, ILWholesale Trade670 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,694Employer $ per active participant
$4,417Employee $ saved per active participant
0.00%Direct admin cost, % of plan assets
$55.8MNet plan assets, end of year
$71,088Average balance per account
Score breakdown
- Employer generosity23.8 / 5048th percentile for employer $ per participant
- Low cost24.7 / 2599th percentile for low admin cost vs. same-size plans
- Employee saving6.9 / 1546th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score65 / 100 · Grade B
This plan vs. peers
Peers: Wholesale Trade plans with 500–2,499 active participants (603 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 48th |
| Lower admin cost | 99th |
| Employee saving | 46th |
| Peers that auto-enroll | 53% |
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Red flags from the filing
No red flags were reported on this filing's compliance questions.
What to do if you're in this plan
- Sloan Implement Company put in about $1,694 per active participant, below the typical peer ($1,792). 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.
- 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 | $1,135,159 |
| Participant (employee) contributions | $2,959,113 |
| Other contributions (incl. rollovers in) | $4,612,047 |
| Administrative expenses paid from the plan | $2,388 |
| Benefits paid out | $4,136,151 |
| Net assets, start / end of year | $45.1M / $55.8M |
| Active participants, start / end of year | 616 / 724 |
| Participants with account balances | 785 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | RSM US LLP |
Largest service providers (Schedule C)
| Jpmorgan Invest Holdings LLC | $2,388 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250908092819NAL0032481152001, received 2025-09-08, EIN 37-1327323, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.