Hood Packaging Corporation 401(k) Review & Grade
Hood Packaging Corporation Savings Plan
Madison, MSManufacturing1,500 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$2,091Employer $ per active participant
$4,002Employee $ saved per active participant
0.15%Direct admin cost, % of plan assets
$103.8MNet plan assets, end of year
$66,868Average balance per account
Score breakdown
- Employer generosity22.7 / 5045th percentile for employer $ per participant
- Low cost15.9 / 2563th percentile for low admin cost vs. same-size plans
- Employee saving5.5 / 1537th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score54 / 100 · Grade C
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 45th |
| Lower admin cost | 63th |
| Employee saving | 37th |
| 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
- Hood Packaging put in about $2,091 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.
- 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 | $3,137,236 |
| Participant (employee) contributions | $6,004,821 |
| Other contributions (incl. rollovers in) | $3,491,153 |
| Administrative expenses paid from the plan | $147,380 |
| Contract administrator fees | $147,380 |
| Benefits paid out | $14,227,790 |
| Net assets, start / end of year | $94.4M / $103.8M |
| Active participants, start / end of year | 1,576 / 1,425 |
| Participants with account balances | 1,553 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Horne |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $147,380 reported compensation |
| Gallagher Fiduciary Advisors, LLC | $34,921 reported compensation |
| Morningstar Investment Management L | $0 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250729092354NAL0005469618001, received 2025-07-29, EIN 36-2891497, plan #003, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.