Sage Automotive Interiors 401(k) match, vesting and fees
What Sage Automotive Interiors' 401(k) plan says about matching contributions
The Plan is considered to be a safe harbor 401(k) plan, and as a result, a nonelective contribution is made by the Company and vests immediately. The Company’s matching contribution is a discretionary percentage that is declared in the Plan documents. For the year ended December 31, 2024, the Company contributed 100 percent of up to 5 percent of base compensation that a participant contributed to the Plan. Participant Accounts – Each participant’s account is credited with the participant’s contributions, rollover contributions, matching contributions, and allocations of (a) the Company’s contributions and (b) Plan earnings.
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. 30 ↗ |
| Match vesting | The Plan is considered to be a safe harbor 401(k) plan, and as a result, a nonelective contribution is made by the Company and vests immediately. Vesting – Participant and Company contributions are fully vested and nonforfeitable at all times. Forfeited Accounts – At December 31, 2024 and 2023, forfeited non-vested accounts were $0. While both participant and matching Company contributions are fully vested at the time of contribution, any excess elective deferral contributions repaid to the participant will result in the forfeiture of any matching contributions made because of those elective deferral contributions. During the years ended December 31, 2024 and 2023, there were no such forfeitures. | Audit report, p. 30 ↗ |
| Loans | Notes Receivable from Participants – A participant may borrow from the Plan, subject to the approval of the Plan administrator. A participant may have up to two outstanding loans at a time. The minimum borrowing is $1,000. The Internal Revenue Service (“IRS”) limits the maximum amount a participant can borrow at the lesser of $50,000 or 50% of the amount the participant has vested in the Plan. The loans are secured by the balance in the participant’s account and bear interest at a rate comparable to similar loans from commercial lending institutions. Current interest rates on outstanding loans are between 4.25% and 9.50%. | Audit report, p. 30 ↗ |
| Recordkeeper | Transamerica Retirement Solutions | Schedule C ↗ |
| Independent auditor | Scott & Company (disclaimer 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 1,619 defined-contribution plans in manufacturing with 1,000 to 4,999 participants.
| Sage Automotive Interiors: employer contribution per participant | $2,163 | |
| Peer median | $2,413 |
| Sage Automotive Interiors: average balance | $59,588 | |
| Peer median | $86,456 |
| Sage Automotive Interiors: admin expenses ÷ assets | 0.26% | |
| Peer median | 0.12% |
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 $63.3M at the end of plan year 2021 to $72.1M at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 1,210 | $72.1M | $2.6M | $2,163 | 0.26% | Quoted in the audit report, p. 30 ↗ | Form 5500 ↗ |
| 2023 | 1,189 | $64M | $2.3M | $1,935 | 0.22% | Not published | Form 5500 ↗ |
| 2022 | 1,218 | $56.8M | $2.1M | $1,718 | 0.20% | Not published | Form 5500 ↗ |
| 2021 | 1,203 | $63.3M | $2.1M | $1,719 | 0.21% | Not published | Form 5500 ↗ |
Common questions
Does Sage Automotive Interiors match 401(k) contributions?
The audit report attached to the Sage Automotive Interiors, Inc. 401(k) Plan's plan year 2024 Form 5500, page 30 says: “The Plan is considered to be a safe harbor 401(k) plan, and as a result, a nonelective contribution is made by the Company and vests immediately. The Company’s matching contribution is a discretionary percentage that is declared in the Plan documents. For the year ended December 31, 2024, the Company contributed 100 percent of up to 5 percent of base compensation that a participant contributed to the Plan. Participant Accounts – Each participant’s account is credited with the participant’s contributions, rollover contributions, matching contributions, and allocations of (a) the Company’s contributions and (b) Plan earnings.” Plan terms may have changed; check your current Summary Plan Description.
When is the Sage Automotive Interiors 401(k) match vested?
The audit report attached to the plan year 2024 Form 5500, page 30 says: “The Plan is considered to be a safe harbor 401(k) plan, and as a result, a nonelective contribution is made by the Company and vests immediately. Vesting – Participant and Company contributions are fully vested and nonforfeitable at all times. Forfeited Accounts – At December 31, 2024 and 2023, forfeited non-vested accounts were $0. While both participant and matching Company contributions are fully vested at the time of contribution, any excess elective deferral contributions repaid to the participant will result in the forfeiture of any matching contributions made because of those elective deferral contributions. During the years ended December 31, 2024 and 2023, there were no such forfeitures.”
Who manages the Sage Automotive Interiors 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is Transamerica Retirement Solutions. The plan administrator is Sage Automotive Interiors, Inc..
I left Sage Automotive Interiors. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Sage Automotive Interiors, Inc., (864) 987-7820) or the recordkeeper, Transamerica Retirement Solutions. The Sage Automotive Interiors old 401(k) page lists the contacts from every plan filing. Find an old Sage Automotive Interiors 401(k)
Data from the public Form 5500 annual reports Sage Automotive Interiors 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 Sage Automotive Interiors. Not financial advice. Report a correction · Methodology