Hammer Residences, Inc. 401(k) Review & Grade
Hammer Residences, Inc. 401(k) Retirement Plan
Wayzata, MNHealth Care & Social Assistance536 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,310Employer $ per active participant
$3,386Employee $ saved per active participant
0.64%Direct admin cost, % of plan assets
$20.1MNet plan assets, end of year
$26,117Average balance per account
Score breakdown
- Employer generosity28.6 / 5057th percentile for employer $ per participant
- Low cost3.9 / 2515th percentile for low admin cost vs. same-size plans
- Employee saving9.1 / 1561th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-10 pts1 issue reported on the filing
Total score42 / 100 · Grade D
This plan vs. peers
Peers: Health Care & Social Assistance plans with 500–2,499 active participants (1,427 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 57th |
| Lower admin cost | 15th |
| Employee saving | 61th |
| Peers that auto-enroll | 36% |
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Red flags from the filing
Late deposits: the filing says some employee contributions were not sent to the plan on time ($27,260 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
What to do if you're in this plan
- Hammer Residences put in about $1,310 per active participant, more than the typical peer ($976). 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.
- Direct plan expenses (0.64% 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.
- The plan reported late deposits of employee contributions. Compare your pay stubs with your account statements, and contact the plan administrator if money shows up late.
- 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 | $701,535 |
| Participant (employee) contributions | $1,812,978 |
| Other contributions (incl. rollovers in) | $7,764 |
| Administrative expenses paid from the plan | $119,537 |
| Investment advisory & management fees | $9,369 |
| Benefits paid out | $1,777,754 |
| Net assets, start / end of year | $17.0M / $20.1M |
| Active participants, start / end of year | 506 / 565 |
| Participants with account balances | 770 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Eide Bailley LLP |
Largest service providers (Schedule C)
| Mutual of America Sec. Corp LLC | $80,872 reported compensation |
| Wilshire Associates Inc. | $9,369 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015123018NAL0002410643001, received 2025-10-15, EIN 41-0841103, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.