Magnera Corporation 401(k) Review & Grade
Magnera Corporation 401(k) Savings Plan
Charlotte, NCManufacturing662 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$4Employer $ per active participant
$6,272Employee $ saved per active participant
0.09%Direct admin cost, % of plan assets
$142.7MNet plan assets, end of year
$123,198Average balance per account
Score breakdown
- Employer generosity0.6 / 501th percentile for employer $ per participant
- Low cost18.8 / 2575th percentile for low admin cost vs. same-size plans
- Employee saving10.0 / 1567th percentile for employee $ per participant
- Plan features7 / 10Auto-enrollment
Total score36 / 100 · Grade D
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 1th |
| Lower admin cost | 75th |
| Employee saving | 67th |
| Peers that auto-enroll | 59% |
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
- Magnera put in about $4 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.
- 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 | $2,429 |
| Participant (employee) contributions | $4,155,439 |
| Other contributions (incl. rollovers in) | $1,011,192 |
| Administrative expenses paid from the plan | $132,408 |
| Contract administrator fees | $300 |
| Benefits paid out | $21,287,816 |
| Net assets, start / end of year | $137.4M / $142.7M |
| Active participants, start / end of year | 692 / 633 |
| Participants with account balances | 1,158 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Insero & Co. Cpas, LLP |
| Employer stock held by plan | $210,593 |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $106,408 reported compensation |
| Insero & Co. Cpas, LLP | $26,000 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250905094548NAL0010515907001, received 2025-09-05, EIN 23-0628360, plan #017, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.