Hni Corporation 401(k) Review & Grade
Hni Corporation 401(k) Plan
Muscatine, IAManufacturing6,184 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$4,109Employer $ per active participant
$6,364Employee $ saved per active participant
0.04%Direct admin cost, % of plan assets
$1.5BNet plan assets, end of year
$161,604Average balance per account
Score breakdown
- Employer generosity30.2 / 5060th percentile for employer $ per participant
- Low cost20.5 / 2582th percentile for low admin cost vs. same-size plans
- Employee saving8.0 / 1554th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score49 / 100 · Grade C
This plan vs. peers
Peers: Manufacturing plans with 2,500–9,999 active participants (566 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 60th |
| Lower admin cost | 82th |
| Employee saving | 54th |
| Peers that auto-enroll | 70% |
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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 ($171,829 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $3,860 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Hni put in about $4,109 per active participant, more than the typical peer ($3,452). 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 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 | $25,412,010 |
| Participant (employee) contributions | $39,359,905 |
| Other contributions (incl. rollovers in) | $9,324,024 |
| Administrative expenses paid from the plan | $536,561 |
| Investment advisory & management fees | $122,835 |
| Other admin expenses | $33,080 |
| Benefits paid out | $118,765,722 |
| Net assets, start / end of year | $1.0B / $1.5B |
| Active participants, start / end of year | 5,550 / 6,819 |
| Participants with account balances | 9,078 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Fgmk LLC |
| Employer stock held by plan | $105,625,358 |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $321,495 reported compensation |
| Capfinancial Partners, LLC. | $122,835 reported compensation |
| Fgmk, LLC | $68,000 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250630155408NAL0006666227001, received 2025-06-30, EIN 42-0617510, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.