Hagerty Insurance Agency, LLC 401(k) Review & Grade
Hagerty Insurance Agency, LLC Employee' 401(k) Plan
Traverse City, MIFinance & Insurance1,579 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$4,217Employer $ per active participant
$8,293Employee $ saved per active participant
0.13%Direct admin cost, % of plan assets
$162.6MNet plan assets, end of year
$80,551Average balance per account
Score breakdown
- Employer generosity29.3 / 5059th percentile for employer $ per participant
- Low cost16.9 / 2567th percentile for low admin cost vs. same-size plans
- Employee saving9.5 / 1563th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score63 / 100 · Grade B
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 59th |
| Lower admin cost | 67th |
| Employee saving | 63th |
| Peers that auto-enroll | 62% |
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Red flags from the filing
Corrective distributions: the plan refunded $10,737 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Hagerty Insurance Agency put in about $4,217 per active participant, more than the typical peer ($3,606). 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 | $6,659,175 |
| Participant (employee) contributions | $13,094,561 |
| Other contributions (incl. rollovers in) | $2,401,644 |
| Administrative expenses paid from the plan | $191,798 |
| Contract administrator fees | $191,798 |
| Benefits paid out | $10,652,340 |
| Net assets, start / end of year | $135.2M / $162.6M |
| Active participants, start / end of year | 1,588 / 1,570 |
| Participants with account balances | 2,018 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Mcconnell & Jones, LLP |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $191,798 reported compensation |
| Next Financial Group Inc | $40,000 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015150343NAL0006545504001, received 2025-10-15, EIN 88-0268247, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.