South Carolina Federal Credit Union 401(k) Review & Grade
South Carolina Federal Credit Union Employees' 401k Plan
North Charleston, SCFinance & Insurance572 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$6,287Employer $ per active participant
$7,327Employee $ saved per active participant
0.18%Direct admin cost, % of plan assets
$102.8MNet plan assets, end of year
$153,368Average balance per account
Score breakdown
- Employer generosity38.8 / 5078th percentile for employer $ per participant
- Low cost14.3 / 2557th percentile for low admin cost vs. same-size plans
- Employee saving8.0 / 1553th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-10 pts1 issue reported on the filing
Total score61 / 100 · Grade B
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 78th |
| Lower admin cost | 57th |
| Employee saving | 53th |
| Peers that auto-enroll | 62% |
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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 ($1,135 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
- South Carolina Federal Credit Union put in about $6,287 per active participant, more than the typical peer ($3,606). 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.
- 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 | $3,592,937 |
| Participant (employee) contributions | $4,187,239 |
| Other contributions (incl. rollovers in) | $153,871 |
| Administrative expenses paid from the plan | $172,983 |
| Contract administrator fees | $147,095 |
| Investment advisory & management fees | $24,338 |
| Other admin expenses | $1,550 |
| Benefits paid out | $3,563,387 |
| Net assets, start / end of year | $86.6M / $102.8M |
| Active participants, start / end of year | 566 / 577 |
| Participants with account balances | 670 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Doeren Mayhew Assurance |
Largest service providers (Schedule C)
| Voya Retirement Inaurance & Annuity | $195,915 reported compensation |
| Morningstar | $47,270 reported compensation |
| Voya Retirement Advisors, LLC | $24,338 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250916091441NAL0004697714001, received 2025-09-16, EIN 57-0323645, plan #033, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.