HP Hood LLC 401(k) Review & Grade
HP Hood LLC Retirement Savings Plan
Lynnfield, MAManufacturing3,038 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$3,550Employer $ per active participant
$7,943Employee $ saved per active participant
0.09%Direct admin cost, % of plan assets
$452.2MNet plan assets, end of year
$126,397Average balance per account
Score breakdown
- Employer generosity26.2 / 5052th percentile for employer $ per participant
- Low cost14.8 / 2559th percentile for low admin cost vs. same-size plans
- Employee saving10.1 / 1567th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score58 / 100 · Grade C
This plan vs. peers
Peers: Manufacturing plans with 2,500–9,999 active participants (566 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 52th |
| Lower admin cost | 59th |
| Employee saving | 67th |
| Peers that auto-enroll | 70% |
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Red flags from the filing
Corrective distributions: the plan refunded $14,463 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- HP Hood put in about $3,550 per active participant, more than the typical peer ($3,452). 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 | $10,784,381 |
| Participant (employee) contributions | $24,129,514 |
| Other contributions (incl. rollovers in) | $2,034,488 |
| Administrative expenses paid from the plan | $406,424 |
| Contract administrator fees | $406,424 |
| Benefits paid out | $52,634,803 |
| Net assets, start / end of year | $411.4M / $452.2M |
| Active participants, start / end of year | 3,125 / 2,951 |
| Participants with account balances | 3,578 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Pricewaterhousecoopers LLP |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $427,051 reported compensation |
| Morningstar Investment Management L | $0 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250923121018NAL0006812464001, received 2025-09-23, EIN 04-1450950, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.