Hadley Products Corporation 401(k) Review & Grade
Hadley Products Corporation Employees 401k Profit Sharing Plan
Grand Rapids, MIManufacturing548 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$904Employer $ per active participant
$1,822Employee $ saved per active participant
0.45%Direct admin cost, % of plan assets
$15.8MNet plan assets, end of year
$46,839Average balance per account
Score breakdown
- Employer generosity7.3 / 5015th percentile for employer $ per participant
- Low cost6.5 / 2526th percentile for low admin cost vs. same-size plans
- Employee saving1.4 / 1510th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-10 pts1 issue reported on the filing
Total score8 / 100 · Grade F
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 15th |
| Lower admin cost | 26th |
| Employee saving | 10th |
| Peers that auto-enroll | 59% |
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Red flags from the filing
Late deposits: the filing says some employee contributions were not sent to the plan on time ($1,225 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
What to do if you're in this plan
- Hadley Products put in about $904 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 (0.45% 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 reported late deposits of employee contributions. Compare your pay stubs with your account statements, and contact the plan administrator if money shows up late.
- 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 | $495,332 |
| Participant (employee) contributions | $998,255 |
| Other contributions (incl. rollovers in) | $25,495 |
| Administrative expenses paid from the plan | $68,062 |
| Contract administrator fees | $54,508 |
| Investment advisory & management fees | $5,054 |
| Benefits paid out | $1,581,513 |
| Net assets, start / end of year | $14.2M / $15.8M |
| Active participants, start / end of year | 561 / 535 |
| Participants with account balances | 337 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Monroe, Sweeris & Tromp PLC |
Largest service providers (Schedule C)
| Lincoln National Corporation | $54,508 reported compensation |
| Monroe Sweeris & Tromp PLC | $8,500 reported compensation |
| Envestment Retirement Solutions LLC | $5,054 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251007153217NAL0002579155001, received 2025-10-07, EIN 38-3231031, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.