Eastern Lift Truck 401(k) match, vesting and fees
What Eastern Lift Truck's 401(k) plan says about matching contributions
Pursuant to the terms of the Plan, the Company matches 25% of the first 6% of base compensation that each participant contributes.
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. 32 ↗ |
| Automatic enrollment | The Plan includes an auto-enrollment provision whereby all newly eligible employees are automatically enrolled in the Plan unless they affirmatively elect not to participate in the Plan. Automatically enrolled participants have their deferral rate set at 4% of eligible compensation and their contributions invested in a designated balanced fund until changed by the participant. Automatic enrollment deferral contributions are increased by 1% each year subsequent to enrollment up to 6%. | Audit report, p. 32 ↗ |
| Roth contributions | The Plan has been amended to also allow participants to make Roth deferral contributions to the Plan, which is an after-tax contribution. | Audit report, p. 32 ↗ |
| Loans | Participants may borrow up to a maximum equal to the lesser of $50,000 or 50% of their vested account balance. The minimum loan amount is $1,000. The loans are secured by the balance in the participant’s vested account and bear interest at rates commensurate with prime rate plus 1%. Loan repayments are made through payroll deductions over a term not to exceed five years, unless the proceeds of the loan are used to purchase the primary residence of the participant. These loans are subject to certain restrictions as defined by the Plan document and applicable restrictions under the IRC. Also, each participant may not have more than three loans outstanding at any time. | Audit report, p. 33 ↗ |
| Recordkeeper | Fidelity Investments Institutional | Schedule C ↗ |
| Independent auditor | Bdo USA, P.C. (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 348 defined-contribution plans in wholesale trade with 1,000 to 4,999 participants.
| Eastern Lift Truck: employer contribution per participant | $783 | |
| Peer median | $2,066 |
| Eastern Lift Truck: average balance | $52,490 | |
| Peer median | $77,876 |
| Eastern Lift Truck: admin expenses ÷ assets | 0.05% | |
| Peer median | 0.14% |
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 $55M at the end of plan year 2021 to $70.6M at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 1,477 | $70.6M | $1.1M | $783 | 0.05% | Quoted in the audit report, p. 32 ↗ | Form 5500 ↗ |
| 2023 | 1,360 | $60.9M | $1M | $821 | 0.05% | Not published | Form 5500 ↗ |
| 2022 | 1,325 | $49.2M | $880K | $758 | 0.04% | Not published | Form 5500 ↗ |
| 2021 | 1,196 | $55M | $706K | $684 | 0.04% | Not published | Form 5500 ↗ |
Common questions
Does Eastern Lift Truck match 401(k) contributions?
The audit report attached to the Eastern Lift Truck Co., Inc. 401(k) Retirement Plan's plan year 2024 Form 5500, page 32 says: “Pursuant to the terms of the Plan, the Company matches 25% of the first 6% of base compensation that each participant contributes.” Plan terms may have changed; check your current Summary Plan Description.
When is the Eastern Lift Truck 401(k) match vested?
The vesting schedule for the Eastern Lift Truck Co., Inc. 401(k) Retirement Plan is not in the data published so far. Your Summary Plan Description states it.
Who manages the Eastern Lift Truck 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is Fidelity Investments Institutional. The plan administrator is Eastern Lift Truck Co., Inc..
I left Eastern Lift Truck. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Eastern Lift Truck Co., Inc., (856) 779-8880) or the recordkeeper, Fidelity Investments Institutional. The Eastern Lift Truck old 401(k) page lists the contacts from every plan filing. Find an old Eastern Lift Truck 401(k)
Data from the public Form 5500 annual reports Eastern Lift Truck 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 Eastern Lift Truck. Not financial advice. Report a correction · Methodology