Hickory Springs Manufacturing Company 401(k) Review & Grade
Hickory Springs Employees 401(k) Plan
Hickory, NCManufacturing1,840 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$940Employer $ per active participant
$2,006Employee $ saved per active participant
0.22%Direct admin cost, % of plan assets
$75.1MNet plan assets, end of year
$69,897Average balance per account
Score breakdown
- Employer generosity7.7 / 5015th percentile for employer $ per participant
- Low cost13.0 / 2552th percentile for low admin cost vs. same-size plans
- Employee saving1.7 / 1512th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score25 / 100 · Grade F
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 15th |
| Lower admin cost | 52th |
| Employee saving | 12th |
| Peers that auto-enroll | 59% |
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Red flags from the filing
No red flags were reported on this filing's compliance questions.
What to do if you're in this plan
- Hickory Springs Manufacturing put in about $940 per active participant, below the typical peer ($2,320). 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.
- 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.
- 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 | $1,730,429 |
| Participant (employee) contributions | $3,691,661 |
| Other contributions (incl. rollovers in) | $1,054,153 |
| Administrative expenses paid from the plan | $156,906 |
| Contract administrator fees | $300 |
| Other admin expenses | $73,418 |
| Benefits paid out | $10,654,763 |
| Net assets, start / end of year | $70.6M / $75.1M |
| Active participants, start / end of year | 1,927 / 1,754 |
| Participants with account balances | 1,074 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Forvis Mazars, LLP |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $83,488 reported compensation |
| Willis Towers Watson US LLC | $39,350 reported compensation |
| Capfinancial Partners, LLC | $34,068 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014121256NAL0001357011001, received 2025-10-14, EIN 56-0494395, plan #003, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.