Heartland Co-Op 401(k) Review & Grade
The Restated Thrift/profit Sharing Plan for Cooperatives
Des Moines, IAAgriculture, Forestry, Fishing & Hunting665 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$209Employer $ per active participant
$3,029Employee $ saved per active participant
0.13%Direct admin cost, % of plan assets
$55.0MNet plan assets, end of year
$74,451Average balance per account
Score breakdown
- Employer generosity6.0 / 5012th percentile for employer $ per participant
- Low cost16.6 / 2567th percentile for low admin cost vs. same-size plans
- Employee saving9.6 / 1564th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score42 / 100 · Grade D
This plan vs. peers
Peers: Agriculture, Forestry, Fishing & Hunting plans with 500–2,499 active participants (118 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 12th |
| Lower admin cost | 67th |
| Employee saving | 64th |
| Peers that auto-enroll | 36% |
Get the monthly 401(k) report card
The best and worst plans, new grades as filings post. One email a month, no spam.
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
- Heartland Co-Op put in about $209 per active participant, below the typical peer ($774). 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 | $138,958 |
| Participant (employee) contributions | $2,014,314 |
| Other contributions (incl. rollovers in) | $175,266 |
| Administrative expenses paid from the plan | $70,830 |
| Contract administrator fees | $41,897 |
| Investment advisory & management fees | $17,566 |
| Benefits paid out | $4,504,371 |
| Net assets, start / end of year | $51.0M / $55.0M |
| Active participants, start / end of year | 656 / 674 |
| Participants with account balances | 739 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Cbiz Cpas P.C. |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $46,639 reported compensation |
| Edelman Financial Engines, LLC | $17,566 reported compensation |
| Associated Benefits Corporation | $11,367 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251006084428NAL0005700880001, received 2025-10-06, EIN 42-0242420, plan #030, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.