Sofha Management Services 401(k) match, vesting and fees
What Sofha Management Services' 401(k) plan says about matching contributions
The Employer makes a safe-harbor nonelective contribution to the Plan equal to 3% of each participant’s compensation. The Employer may elect to make discretionary matching and profit-sharing contributions to the Plan. No Employer matching contributions were made to the Plan in 2024.
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. 31 ↗ |
| Match vesting | Vesting and Forfeitures: Participants are vested immediately in their contributions and the Employer’s safe-harbor contributions plus actual earnings thereon. Vesting in the Employer’s matching and profit-sharing contribution portion of their account is based on years of service. A participant becomes 33.33% vested after one year of service, 66.33% vested after two years of service, with full vesting after three years of credited service. | Audit report, p. 31 ↗ |
| Automatic enrollment | The Plan includes an auto-enrollment provision whereby certain employees are automatically enrolled in the Plan unless an affirmative election not to participate in the Plan is executed. Automatically enrolled participants have their contribution rate set at 4% of eligible compensation and their contributions are invested in a designated fund until changed by the participant. The Plan also provides for an automatic escalation provision in which a participant’s auto-enrollment contribution rate will increase by 1% per year up to a maximum of 10% of eligible compensation until an affirmative election is made by the respective participant. | Audit report, p. 31 ↗ |
| Loans | Notes Receivable from Participants: The Plan does not permit participants to borrow from their vested account balance. Certain participants that became eligible for the Plan through a previously merged plan were allowed to transfer their loan balance and continue to service their respective loan balance in the Plan. | Audit report, p. 32 ↗ |
| Recordkeeper | Fidelity Investments Institutional | Schedule C ↗ |
| Independent auditor | Katz Sapper and Miller 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 1,281 defined-contribution plans in health care and social assistance with 1,000 to 4,999 participants.
| Sofha Management Services: employer contribution per participant | $5,158 | |
| Peer median | $1,358 |
| Sofha Management Services: average balance | $120,749 | |
| Peer median | $44,442 |
| Sofha Management Services: admin expenses ÷ assets | 0.13% | |
| Peer median | 0.21% |
Admin expenses are the plan's reported administrative expenses divided by its assets; they do not include fund expense ratios.
Plan history
Plan assets were $157M at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 1,437 | $157M | $6.7M | $5,158 | 0.13% | Quoted in the audit report, p. 31 ↗ | Form 5500 ↗ |
Other Sofha Management Services plans (1)
Each plan files its own Form 5500. Figures are from each plan's latest filing.
Sofha Management Services, Inc. Employee Stock Ownership Plan
Plan features
Match, vesting and enrollment details have not been published from this plan's audit report yet. The figures below come from the structured filing.
| Independent auditor | Katz Sapper & Miller LLP (unmodified opinion) | Schedule H ↗ |
| Plan type and status | Profit-sharing · Active | Form 5500 ↗ |
Common questions
Does Sofha Management Services match 401(k) contributions?
The audit report attached to the Sofha Management Services, Inc. 401(k) Retirement Plan's plan year 2024 Form 5500, page 31 says: “The Employer makes a safe-harbor nonelective contribution to the Plan equal to 3% of each participant’s compensation. The Employer may elect to make discretionary matching and profit-sharing contributions to the Plan. No Employer matching contributions were made to the Plan in 2024.” Plan terms may have changed; check your current Summary Plan Description.
When is the Sofha Management Services 401(k) match vested?
The audit report attached to the plan year 2024 Form 5500, page 31 says: “Vesting and Forfeitures: Participants are vested immediately in their contributions and the Employer’s safe-harbor contributions plus actual earnings thereon. Vesting in the Employer’s matching and profit-sharing contribution portion of their account is based on years of service. A participant becomes 33.33% vested after one year of service, 66.33% vested after two years of service, with full vesting after three years of credited service.”
Who manages the Sofha Management Services 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is Fidelity Investments Institutional. The plan administrator is Sofha Management Services, Inc..
I left Sofha Management Services. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Sofha Management Services, Inc., (423) 794-2436) or the recordkeeper, Fidelity Investments Institutional. The Sofha Management Services old 401(k) page lists the contacts from every plan filing. Find an old Sofha Management Services 401(k)
Data from the public Form 5500 annual reports Sofha Management Services 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 Sofha Management Services. Not financial advice. Report a correction · Methodology