Ferraro Foods of New Jersey LLC 401(k) Review & Grade
Ferraro Foods of New Jersey LLC 401(k) Plan
Piscataway, NJWholesale Trade922 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$807Employer $ per active participant
$4,811Employee $ saved per active participant
0.51%Direct admin cost, % of plan assets
$35.9MNet plan assets, end of year
$36,324Average balance per account
Score breakdown
- Employer generosity8.7 / 5017th percentile for employer $ per participant
- Low cost5.7 / 2523th percentile for low admin cost vs. same-size plans
- Employee saving7.9 / 1552th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score29 / 100 · Grade F
This plan vs. peers
Peers: Wholesale Trade plans with 500–2,499 active participants (603 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 17th |
| Lower admin cost | 23th |
| Employee saving | 52th |
| Peers that auto-enroll | 53% |
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Red flags from the filing
Corrective distributions: the plan refunded $1,773 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Ferraro Foods of New Jersey put in about $807 per active participant, below the typical peer ($1,792). Any match is still an instant return, so contribute enough to get all of it.
- The filing shows total dollars, not the match formula. Ask HR for the Summary Plan Description so you know the exact match and vesting schedule.
- Direct plan expenses (0.51% of assets) are well above similar-size plans (0.23%). Check your annual fee disclosure, choose low-cost index funds if you can, and think about whether savings beyond the match belong in an IRA.
- The plan auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- Changing jobs? You can usually leave the money in the plan, move it to your new employer's plan, or roll it into an IRA. Don't cash out: you'd owe taxes and possibly a 10% penalty.
The raw numbers from the filing
| Employer contributions | $743,997 |
| Participant (employee) contributions | $4,433,731 |
| Other contributions (incl. rollovers in) | $147,659 |
| Administrative expenses paid from the plan | $165,945 |
| Investment advisory & management fees | $53,333 |
| Benefits paid out | $3,237,020 |
| Net assets, start / end of year | $29.7M / $35.9M |
| Active participants, start / end of year | 970 / 873 |
| Participants with account balances | 989 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Rosenberg Rich Baker Berman, P.A. |
Largest service providers (Schedule C)
| Adp, Inc. | $112,612 reported compensation |
| Global Retirement Partners | $45,684 reported compensation |
| Adp Broker-Dealer | $0 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015141036NAL0004785569001, received 2025-10-15, EIN 82-5064864, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.