Delta Apparel 401(k) match, vesting and fees
What Delta Apparel's 401(k) plan says about matching contributions
The Company contributed a safe harbor matching contribution of 100 percent of employee deferrals up to 3 percent of compensation and 50 percent of employee deferrals over 3 percent up to 5 percent of compensation during January 2024 before ceasing employer contributions.
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. 26 ↗ |
| Match vesting | Participants were vested immediately in their voluntary contributions and the Company’s safe harbor matching contributions plus actual earnings thereon. Vesting in the Company's discretionary profit sharing contribution plus earnings thereon was based on years of credited service. Discretionary profit sharing contributions vested 20 percent per year until fully vested at the completion of 5 years of credited service. Upon the Plan’s termination, all participants became fully vested. | Audit report, p. 26 ↗ |
| Loans | Participants were able to borrow from their fund accounts a maximum equal to the lesser of $50,000 or 50 percent of their vested balance. Loan terms ranged from one to five years. The loans were secured by the balance in the participant’s account. The loan interest rate was 1 percent above the prime rate, as defined by the Plan. | Audit report, p. 27 ↗ |
| Recordkeeper | Futureplan by Ascensus | Schedule C ↗ |
| Independent auditor | Elliott Group Cpas, PLLC (unmodified opinion, limited scope) | Schedule H ↗ |
| Plan type and status | 401(k) · Active | Form 5500 ↗ |
| Late participant contributions | Reported on the filing | Schedule H ↗ |
All rows are from the plan year 2024 filing; plan features from its audit report.
How the plan compares
Plan year 2024 medians for 1,613 defined-contribution plans in manufacturing with 500 to 999 participants.
| Delta Apparel: employer contribution per participant | $117 | |
| Peer median | $2,038 |
| Delta Apparel: average balance | $44,190 | |
| Peer median | $72,951 |
| Delta Apparel: admin expenses ÷ assets | 0.11% | |
| Peer median | 0.20% |
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 $45M at the end of plan year 2023 to $28.5M at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 650 | $28.5M | $75K | $117 | 0.11% | Quoted in the audit report, p. 26 ↗ | Form 5500 ↗ |
| 2023 | 1,333 | $45M | $1M | $1,166 | 0.07% | Not published | Form 5500 ↗ |
Common questions
Does Delta Apparel match 401(k) contributions?
The audit report attached to the Delta Apparel, Inc. Savings and Investment Plan's plan year 2024 Form 5500, page 26 says: “The Company contributed a safe harbor matching contribution of 100 percent of employee deferrals up to 3 percent of compensation and 50 percent of employee deferrals over 3 percent up to 5 percent of compensation during January 2024 before ceasing employer contributions.” Plan terms may have changed; check your current Summary Plan Description.
When is the Delta Apparel 401(k) match vested?
The audit report attached to the plan year 2024 Form 5500, page 26 says: “Participants were vested immediately in their voluntary contributions and the Company’s safe harbor matching contributions plus actual earnings thereon. Vesting in the Company's discretionary profit sharing contribution plus earnings thereon was based on years of credited service. Discretionary profit sharing contributions vested 20 percent per year until fully vested at the completion of 5 years of credited service. Upon the Plan’s termination, all participants became fully vested.”
Who manages the Delta Apparel 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is Futureplan by Ascensus. The plan administrator is Delta Apparel, Inc..
I left Delta Apparel. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Delta Apparel, Inc., (302) 472-7427) or the recordkeeper, Futureplan by Ascensus. The Delta Apparel old 401(k) page lists the contacts from every plan filing. Find an old Delta Apparel 401(k)
Data from the public Form 5500 annual reports Delta Apparel filed with the U.S. Department of Labor (plan years 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 Delta Apparel. Not financial advice. Report a correction · Methodology