Hanover Foods Corporation 401(k) Review & Grade
Hanover Foods Corporation 401(k) Savings Plan
Hanover, PAManufacturing646 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$814Employer $ per active participant
$2,617Employee $ saved per active participant
0.37%Direct admin cost, % of plan assets
$41.3MNet plan assets, end of year
$43,655Average balance per account
Score breakdown
- Employer generosity6.3 / 5013th percentile for employer $ per participant
- Low cost8.3 / 2533th percentile for low admin cost vs. same-size plans
- Employee saving2.8 / 1519th percentile for employee $ per participant
- Plan features0 / 10No auto-enrollment or default investment reported
- Red-flag deductions-10 pts1 issue reported on the filing
Total score7 / 100 · Grade F
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 13th |
| Lower admin cost | 33th |
| Employee saving | 19th |
| 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 ($13,378 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
- Hanover Foods put in about $814 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 (0.37% 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 | $525,580 |
| Participant (employee) contributions | $1,689,495 |
| Other contributions (incl. rollovers in) | $0 |
| Administrative expenses paid from the plan | $149,481 |
| Contract administrator fees | $149,481 |
| Benefits paid out | $5,301,476 |
| Net assets, start / end of year | $39.1M / $41.3M |
| Active participants, start / end of year | 651 / 640 |
| Participants with account balances | 946 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | RKL LLP |
Largest service providers (Schedule C)
| Newport Group, Inc. | $83,117 reported compensation |
| PNC Institutional Asset Management | $48,159 reported compensation |
| Newport Trust Company | $15,751 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015100733NAL0008668610001, received 2025-10-15, EIN 23-0670710, plan #003, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.