The Wells Companies 401(k) Review & Grade
Wells Concrete Products Company Profit Sharing 401(k) and Laborers Union Supplemental Retirement Plan
Albany, MNManufacturing1,651 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,824Employer $ per active participant
$4,350Employee $ saved per active participant
0.08%Direct admin cost, % of plan assets
$108.0MNet plan assets, end of year
$45,993Average balance per account
Score breakdown
- Employer generosity19.3 / 5039th percentile for employer $ per participant
- Low cost19.8 / 2579th percentile for low admin cost vs. same-size plans
- Employee saving6.3 / 1542th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-10 pts1 issue reported on the filing
Total score45 / 100 · Grade C
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 39th |
| Lower admin cost | 79th |
| Employee saving | 42th |
| Peers that auto-enroll | 59% |
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Red flags from the filing
Benefits not paid when due: the plan reported failing to pay some benefits on time.
What to do if you're in this plan
- Wells Companies put in about $1,824 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 | $3,010,852 |
| Participant (employee) contributions | $7,181,792 |
| Other contributions (incl. rollovers in) | $10,981,039 |
| Administrative expenses paid from the plan | $75,454 |
| Contract administrator fees | $300 |
| Benefits paid out | $8,279,390 |
| Net assets, start / end of year | $83.4M / $108.0M |
| Active participants, start / end of year | 1,006 / 2,296 |
| Participants with account balances | 2,348 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Eide Bailly LLP |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $75,454 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251010122924NAL0004601107001, received 2025-10-10, EIN 27-2789430, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.