Hydro-Gear Limited Partnership 401(k) Review & Grade
Hydro-Gear Retirement Plan
Sullivan, ILManufacturing1,240 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$2,000Employer $ per active participant
$1,993Employee $ saved per active participant
0.41%Direct admin cost, % of plan assets
$68.8MNet plan assets, end of year
$39,586Average balance per account
Score breakdown
- Employer generosity21.7 / 5043th percentile for employer $ per participant
- Low cost7.3 / 2529th percentile for low admin cost vs. same-size plans
- Employee saving1.7 / 1511th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score41 / 100 · Grade D
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 43th |
| Lower admin cost | 29th |
| Employee saving | 11th |
| Peers that auto-enroll | 59% |
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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
- Hydro-Gear Limited Partnership put in about $2,000 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 (0.41% 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 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 | $2,479,275 |
| Participant (employee) contributions | $2,470,184 |
| Other contributions (incl. rollovers in) | $57,874 |
| Administrative expenses paid from the plan | $271,006 |
| Contract administrator fees | $30,641 |
| Benefits paid out | $6,502,752 |
| Net assets, start / end of year | $62.2M / $68.8M |
| Active participants, start / end of year | 1,304 / 1,175 |
| Participants with account balances | 1,738 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Forvis Mazars, LLP |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company | $240,365 reported compensation |
| Smith Moore | $124,096 reported compensation |
| The Lampo Group LLC DBA Smartdollar | $24,278 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251009082238NAL0006284401001, received 2025-10-09, EIN 37-1278894, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.