The Knapheide Manufacturing Company 401(k) Review & Grade
The Knapheide Company 401(k) Retirement Savings Plan for Hourly Production Employees
Quincy, ILManufacturing668 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$1,942Employer $ per active participant
$2,045Employee $ saved per active participant
0.55%Direct admin cost, % of plan assets
$23.9MNet plan assets, end of year
$30,129Average balance per account
Score breakdown
- Employer generosity21.0 / 5042th percentile for employer $ per participant
- Low cost5.1 / 2520th percentile for low admin cost vs. same-size plans
- Employee saving1.8 / 1512th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score31 / 100 · Grade D
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 42th |
| Lower admin cost | 20th |
| 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
- Knapheide Manufacturing put in about $1,942 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.
- Direct plan expenses (0.55% 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.
- 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 | $1,297,489 |
| Participant (employee) contributions | $1,365,892 |
| Other contributions (incl. rollovers in) | – |
| Administrative expenses paid from the plan | $121,271 |
| Contract administrator fees | $98,686 |
| Investment advisory & management fees | $22,585 |
| Benefits paid out | $2,107,113 |
| Net assets, start / end of year | $20.4M / $23.9M |
| Active participants, start / end of year | 682 / 654 |
| Participants with account balances | 792 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Gray Hunter Stenn LLP |
Largest service providers (Schedule C)
| Ascensus LLC | $98,686 reported compensation |
| Merrill Lynch. | $22,585 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251010103018NAL0004502035001, received 2025-10-10, EIN 37-0368620, plan #005, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.