Challenger School Foundation 401(k) match, vesting and fees
What Challenger School Foundation's 401(k) plan says about matching contributions
The Sponsor makes matching contributions equal to 25% of the employee contributions up to 12% of annual compensation, subject to limitation.
Quoted directly from the filing. Plan terms may have changed; check your current Summary Plan Description.
Plan features
Indented passages are quoted word for word from the audit report; plan terms may have changed since, so check your current Summary Plan Description.
| Employer match | Quoted from the filing above | Audit report, p. 29 ↗ |
| Match vesting | Participants are immediately vested in their deferral contributions, plus actual earnings thereon. Vesting for the remainder of their accounts is as follows: Years of Service Vested At least two years 50% At least three years 100% Participants receive a year of service credit for purposes of vesting for each Plan year during which they work at least 1,000 hours for the Sponsor. If a participant dies, becomes disabled, or reaches the normal retirement age of 65 while employed by the Sponsor, the participant’s interest in the Plan becomes 100 percent non-forfeitable without regard to the graduated vesting schedule. | Audit report, p. 29 ↗ |
| Loans | Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50% of their account balance. The loans are secured by the balance in the participant's account and bear interest at a rate commensurate with local prevailing rates as determined by the plan administrator. | Audit report, p. 29 ↗ |
| Recordkeeper | Schwab Retirement Plan Services,inc | Schedule C ↗ |
| Independent auditor | Richey, May & Co., LLP (unmodified opinion, limited scope) | Schedule H ↗ |
| Plan type and status | 401(k) · Active | Form 5500 ↗ |
All rows are from the plan year 2024 filing; plan features from its audit report.
How the plan compares
Plan year 2024 medians for 456 defined-contribution plans in educational services with 500 to 999 participants.
| Challenger School Foundation: employer contribution per participant | $1,122 | |
| Peer median | $1,855 |
| Challenger School Foundation: average balance | $110,583 | |
| Peer median | $100,069 |
| Challenger School Foundation: admin expenses ÷ assets | 0.19% | |
| Peer median | 0.11% |
Admin expenses are the plan's reported administrative expenses divided by its assets; they do not include fund expense ratios.
Plan history
Plan assets went from $54.6M at the end of plan year 2021 to $66.8M at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 1,176 | $66.8M | $678K | $1,122 | 0.19% | Quoted in the audit report, p. 29 ↗ | Form 5500 ↗ |
| 2023 | 1,113 | $55.6M | $568K | $1,007 | 0.21% | Not published | Form 5500 ↗ |
| 2022 | 985 | $43.9M | $506K | $954 | 0.33% | Not published | Form 5500 ↗ |
| 2021 | 948 | $54.6M | $506K | $962 | 0.25% | Not published | Form 5500 ↗ |
Common questions
Does Challenger School Foundation match 401(k) contributions?
The audit report attached to the Challenger School 401k Retirement Plan's plan year 2024 Form 5500, page 29 says: “The Sponsor makes matching contributions equal to 25% of the employee contributions up to 12% of annual compensation, subject to limitation.” Plan terms may have changed; check your current Summary Plan Description.
When is the Challenger School Foundation 401(k) match vested?
The audit report attached to the plan year 2024 Form 5500, page 29 says: “Participants are immediately vested in their deferral contributions, plus actual earnings thereon. Vesting for the remainder of their accounts is as follows: Years of Service Vested At least two years 50% At least three years 100% Participants receive a year of service credit for purposes of vesting for each Plan year during which they work at least 1,000 hours for the Sponsor. If a participant dies, becomes disabled, or reaches the normal retirement age of 65 while employed by the Sponsor, the participant’s interest in the Plan becomes 100 percent non-forfeitable without regard to the graduated vesting schedule.”
Who manages the Challenger School Foundation 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is Schwab Retirement Plan Services,inc. The plan administrator is Challenger School Foundation.
I left Challenger School Foundation. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Challenger School Foundation, (801) 569-2700) or the recordkeeper, Schwab Retirement Plan Services,inc. The Challenger School Foundation old 401(k) page lists the contacts from every plan filing. Find an old Challenger School Foundation 401(k)
Data from the public Form 5500 annual reports Challenger School Foundation filed with the U.S. Department of Labor (plan years 2021 and 2022 and 2023 and 2024) and, where noted, the attached independent auditor's report. Plan terms may have changed since the filing; check your current Summary Plan Description. PlanFacts is not affiliated with Challenger School Foundation. Not financial advice. Report a correction · Methodology