New Cooperative, Inc. 401(k) Review & Grade
The Restated Thrift/profit Sharing Plan for Cooperatives
Fort Dodge, IAAgriculture, Forestry, Fishing & Hunting1,212 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,073Employer $ per active participant
$4,557Employee $ saved per active participant
0.12%Direct admin cost, % of plan assets
$113.5MNet plan assets, end of year
$79,068Average balance per account
Score breakdown
- Employer generosity26.5 / 5053th percentile for employer $ per participant
- Low cost17.4 / 2570th percentile for low admin cost vs. same-size plans
- Employee saving12.1 / 1580th 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: Agriculture, Forestry, Fishing & Hunting plans with 500–2,499 active participants (118 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 53th |
| Lower admin cost | 70th |
| Employee saving | 80th |
| Peers that auto-enroll | 36% |
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Red flags from the filing
Corrective distributions: the plan refunded $986 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- New Cooperative put in about $1,073 per active participant, more than the typical peer ($774). 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 | $1,300,587 |
| Participant (employee) contributions | $5,525,480 |
| Other contributions (incl. rollovers in) | $330,609 |
| Administrative expenses paid from the plan | $130,645 |
| Contract administrator fees | $73,942 |
| Investment advisory & management fees | $36,105 |
| Benefits paid out | $11,521,009 |
| Net assets, start / end of year | $105.6M / $113.5M |
| Active participants, start / end of year | 1,190 / 1,235 |
| Participants with account balances | 1,436 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Cbiz Cpas P.C. |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $84,327 reported compensation |
| Edelman Financial Engines, LLC | $36,105 reported compensation |
| Associated Benefits Corporation | $19,705 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251006085110NAL0003387969001, received 2025-10-06, EIN 42-1009976, plan #030, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.