Midwest Hardwood Company LLC 401(k) Review & Grade
Midwest Hardwood Company 401(k) Plan
Maple Grove, MNWholesale Trade544 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$230Employer $ per active participant
$3,381Employee $ saved per active participant
0.23%Direct admin cost, % of plan assets
$26.4MNet plan assets, end of year
$58,766Average balance per account
Score breakdown
- Employer generosity2.1 / 504th percentile for employer $ per participant
- Low cost12.4 / 2550th percentile for low admin cost vs. same-size plans
- Employee saving4.3 / 1529th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score26 / 100 · Grade F
This plan vs. peers
Peers: Wholesale Trade plans with 500–2,499 active participants (603 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 4th |
| Lower admin cost | 50th |
| Employee saving | 29th |
| Peers that auto-enroll | 53% |
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Red flags from the filing
Corrective distributions: the plan refunded $71,063 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Midwest Hardwood Company put in about $230 per active participant, below the typical peer ($1,792). 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 | $124,987 |
| Participant (employee) contributions | $1,837,666 |
| Other contributions (incl. rollovers in) | $563 |
| Administrative expenses paid from the plan | $56,871 |
| Contract administrator fees | $56,871 |
| Benefits paid out | $2,115,533 |
| Net assets, start / end of year | $22.8M / $26.4M |
| Active participants, start / end of year | 516 / 571 |
| Participants with account balances | 449 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Chiampou Travis Besaw & Kershner LL |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $57,546 reported compensation |
| Wilshire Advisors LLC | $0 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250915152931NAL0002033872001, received 2025-09-15, EIN 87-1042445, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.