Bellisio Foods, Inc. 401(k) Review & Grade
Bellisio Foods, Inc. Union Retirement Savings Plan
Duluth, MNManufacturing1,039 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$302Employer $ per active participant
$835Employee $ saved per active participant
1.20%Direct admin cost, % of plan assets
$7.6MNet plan assets, end of year
$11,473Average balance per account
Score breakdown
- Employer generosity1.9 / 504th percentile for employer $ per participant
- Low cost1.1 / 254th percentile for low admin cost vs. same-size plans
- Employee saving0.4 / 153th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-10 pts1 issue reported on the filing
Total score3 / 100 · Grade F
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 4th |
| Lower admin cost | 4th |
| Employee saving | 3th |
| Peers that auto-enroll | 59% |
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Red flags from the filing
Auditor concern: the independent auditor gave a qualified or adverse opinion.
What to do if you're in this plan
- Bellisio Foods put in about $302 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 (1.20% 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.
- 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 | $314,087 |
| Participant (employee) contributions | $867,925 |
| Other contributions (incl. rollovers in) | – |
| Administrative expenses paid from the plan | $85,376 |
| Contract administrator fees | $85,376 |
| Benefits paid out | $783,835 |
| Net assets, start / end of year | $6.6M / $7.6M |
| Active participants, start / end of year | 1,074 / 1,004 |
| Participants with account balances | 665 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | BMG CPA, LLC |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $85,375 reported compensation |
| Mma Securites LLC | $12,645 reported compensation |
| Morningstar Investment Management L | $0 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015184718NAL0005400353001, received 2025-10-15, EIN 59-3015985, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.