Spot Freight Inc 401(k) Review & Grade
Spot Freight Inc 401k Profit Sharing Plan
Indianapolis, INTransportation & Warehousing530 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,023Employer $ per active participant
$4,148Employee $ saved per active participant
0.51%Direct admin cost, % of plan assets
$14.9MNet plan assets, end of year
$25,780Average balance per account
Score breakdown
- Employer generosity24.2 / 5048th percentile for employer $ per participant
- Low cost5.7 / 2523th percentile for low admin cost vs. same-size plans
- Employee saving9.7 / 1564th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score47 / 100 · Grade C
This plan vs. peers
Peers: Transportation & Warehousing plans with 500–2,499 active participants (392 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 48th |
| Lower admin cost | 23th |
| Employee saving | 64th |
| Peers that auto-enroll | 37% |
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Red flags from the filing
Corrective distributions: the plan refunded $63,398 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Spot Freight put in about $1,023 per active participant, below the typical peer ($1,070). 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 (0.51% 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.
- 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 | $541,890 |
| Participant (employee) contributions | $2,196,245 |
| Other contributions (incl. rollovers in) | $137,471 |
| Administrative expenses paid from the plan | $65,843 |
| Benefits paid out | $918,909 |
| Net assets, start / end of year | $11.2M / $14.9M |
| Active participants, start / end of year | 531 / 528 |
| Participants with account balances | 577 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Katz Sapper & Miller LLP |
Largest service providers (Schedule C)
| Adp, Inc. | $65,843 reported compensation |
| Merrill Lynch Pierce Fenner & Smith | $52,311 reported compensation |
| Adp Broker-Dealer | $0 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251011055334NAL0013648368001, received 2025-10-11, EIN 26-3843941, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.