Haemonetics Corporation 401(k) Review & Grade
Haemonetics Corporation Savings Plus Plan
Boston, MAManufacturing1,246 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$7,122Employer $ per active participant
$12,055Employee $ saved per active participant
0.13%Direct admin cost, % of plan assets
$276.2MNet plan assets, end of year
$137,883Average balance per account
Score breakdown
- Employer generosity45.8 / 5092th percentile for employer $ per participant
- Low cost16.6 / 2566th percentile for low admin cost vs. same-size plans
- Employee saving14.2 / 1594th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score84 / 100 · Grade A
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 92th |
| Lower admin cost | 66th |
| Employee saving | 94th |
| Peers that auto-enroll | 59% |
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Red flags from the filing
Corrective distributions: the plan refunded $16,220 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Haemonetics put in about $7,122 per active participant, more than the typical peer ($2,320). Contribute at least enough to collect the full match. Skipping it leaves part of your pay on the table.
- 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.
- Fund expense ratios aren't in the filing. Look them up in your 404(a)(5) fee disclosure and favor low-cost index or target-date funds.
- 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 | $8,873,941 |
| Participant (employee) contributions | $15,020,821 |
| Other contributions (incl. rollovers in) | $5,425,262 |
| Administrative expenses paid from the plan | $346,172 |
| Contract administrator fees | $280,560 |
| Investment advisory & management fees | $60,551 |
| Benefits paid out | $29,126,590 |
| Net assets, start / end of year | $239.3M / $276.2M |
| Active participants, start / end of year | 1,254 / 1,238 |
| Participants with account balances | 2,003 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Gray, Gray & Gray LLP |
Largest service providers (Schedule C)
| John Hancock | $179,988 reported compensation |
| Fiducient Advisors LLC | $60,551 reported compensation |
| Jackson Lewis P.C. | $5,061 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014111622NAL0005642914001, received 2025-10-14, EIN 04-2882273, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.