Summit Funding, Inc. 401(k) Review & Grade
Summit Funding, Inc. 401(k) Plan
Sacramento, CAFinance & Insurance500 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$867Employer $ per active participant
$7,042Employee $ saved per active participant
0.25%Direct admin cost, % of plan assets
$45.7MNet plan assets, end of year
$60,546Average balance per account
Score breakdown
- Employer generosity4.3 / 509th percentile for employer $ per participant
- Low cost11.8 / 2547th percentile for low admin cost vs. same-size plans
- Employee saving7.5 / 1550th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score34 / 100 · Grade D
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 9th |
| Lower admin cost | 47th |
| Employee saving | 50th |
| Peers that auto-enroll | 62% |
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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
- Summit Funding put in about $867 per active participant, below the typical peer ($3,606). 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 | $433,896 |
| Participant (employee) contributions | $3,524,631 |
| Other contributions (incl. rollovers in) | $458,540 |
| Administrative expenses paid from the plan | $113,283 |
| Investment advisory & management fees | $48,400 |
| Benefits paid out | $9,818,542 |
| Net assets, start / end of year | $45.1M / $45.7M |
| Active participants, start / end of year | 502 / 499 |
| Participants with account balances | 755 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Baker Tilly US, LLP |
Largest service providers (Schedule C)
| Schwab Retirement Plan Services,inc | $64,950 reported compensation |
| Sage Advisory Group | $48,399 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20260324190142NAL0004201139001, received 2026-03-24, EIN 91-1780488, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.