State Collection Service, Inc. 401(k) Review & Grade
State Collection Service, Inc. 401(k) Profit Sharing Plan
Madison, WIAdministrative, Support & Staffing Services590 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$1,596Employer $ per active participant
$1,543Employee $ saved per active participant
0.47%Direct admin cost, % of plan assets
$21.4MNet plan assets, end of year
$51,615Average balance per account
Score breakdown
- Employer generosity36.1 / 5072th percentile for employer $ per participant
- Low cost6.2 / 2525th percentile for low admin cost vs. same-size plans
- Employee saving6.8 / 1545th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score52 / 100 · Grade C
This plan vs. peers
Peers: Administrative, Support & Staffing Services plans with 500–2,499 active participants (401 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 72th |
| Lower admin cost | 25th |
| Employee saving | 45th |
| Peers that auto-enroll | 27% |
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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
- State Collection Service put in about $1,596 per active participant, more than the typical peer ($712). 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.
- Direct plan expenses (0.47% 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.
- 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 | $942,293 |
| Participant (employee) contributions | $911,207 |
| Other contributions (incl. rollovers in) | $12,918 |
| Administrative expenses paid from the plan | $95,861 |
| Investment advisory & management fees | $95,861 |
| Benefits paid out | $1,578,815 |
| Net assets, start / end of year | $19.1M / $21.4M |
| Active participants, start / end of year | 664 / 517 |
| Participants with account balances | 414 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Hawkins Ash Cpas, LLP |
Largest service providers (Schedule C)
| Trust Point Inc. | $95,861 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015105704NAL0002177827001, received 2025-10-15, EIN 39-0788995, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.