Farmers Mutual Hail Insurance Company of Iowa 401(k) Review & Grade
Farmers Mutual Hail Tax Deferred Savings Plan
West Des Moines, IAFinance & Insurance586 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$10,086Employer $ per active participant
$9,930Employee $ saved per active participant
0.16%Direct admin cost, % of plan assets
$172.2MNet plan assets, end of year
$249,516Average balance per account
Score breakdown
- Employer generosity45.8 / 5092th percentile for employer $ per participant
- Low cost15.3 / 2561th percentile for low admin cost vs. same-size plans
- Employee saving11.3 / 1575th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score82 / 100 · Grade A
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 92th |
| Lower admin cost | 61th |
| Employee saving | 75th |
| Peers that auto-enroll | 62% |
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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
- Farmers Mutual Hail Insurance Company of Iowa put in about $10,086 per active participant, more than the typical peer ($3,606). 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 | $5,915,506 |
| Participant (employee) contributions | $5,823,983 |
| Other contributions (incl. rollovers in) | $1,916,704 |
| Administrative expenses paid from the plan | $260,600 |
| Contract administrator fees | $129,878 |
| Investment advisory & management fees | $130,722 |
| Benefits paid out | $14,005,323 |
| Net assets, start / end of year | $154.1M / $172.2M |
| Active participants, start / end of year | 590 / 583 |
| Participants with account balances | 690 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Eide Bailly LLP |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $136,578 reported compensation |
| Capfinancial Partners, LLC | $130,738 reported compensation |
| Farmers Mutual Hail Insurance Compa | $9,000 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250811104845NAL0008501408001, received 2025-08-11, EIN 42-0245840, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.