Wastequip, LLC. 401(k) Review & Grade
Wastequip LLC 401(k) Retirement Plan
Charlotte, NCManufacturing1,934 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,327Employer $ per active participant
$3,642Employee $ saved per active participant
0.36%Direct admin cost, % of plan assets
$72.9MNet plan assets, end of year
$33,517Average balance per account
Score breakdown
- Employer generosity13.0 / 5026th percentile for employer $ per participant
- Low cost8.6 / 2534th percentile for low admin cost vs. same-size plans
- Employee saving4.8 / 1532th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score23 / 100 · Grade F
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 26th |
| Lower admin cost | 34th |
| Employee saving | 32th |
| Peers that auto-enroll | 59% |
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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 ($698 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $23,995 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Wastequip put in about $1,327 per active participant, below the typical peer ($2,320). 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 (0.36% 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.
- 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 | $2,566,192 |
| Participant (employee) contributions | $7,043,456 |
| Other contributions (incl. rollovers in) | $778,050 |
| Administrative expenses paid from the plan | $246,068 |
| Contract administrator fees | $246,068 |
| Benefits paid out | $9,635,270 |
| Net assets, start / end of year | $65.1M / $72.9M |
| Active participants, start / end of year | 1,964 / 1,904 |
| Participants with account balances | 2,174 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Bernard Robinson & Company, L.L.P |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $246,068 reported compensation |
| Creative Planning - Lockton Retirem | $40,000 reported compensation |
| Faulkner and Thompson, P.A. | $8,810 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251003125047NAL0000861283001, received 2025-10-03, EIN 34-1598206, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.