Northland Hearing Centers, Inc. 401(k) Review & Grade
Northland Hearing Centers, Inc. Employee Retirement Plan
Eden Prarie, MNRetail Trade725 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,169Employer $ per active participant
$4,854Employee $ saved per active participant
0.41%Direct admin cost, % of plan assets
$27.7MNet plan assets, end of year
$34,695Average balance per account
Score breakdown
- Employer generosity34.0 / 5068th percentile for employer $ per participant
- Low cost7.3 / 2529th percentile for low admin cost vs. same-size plans
- Employee saving12.0 / 1580th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score63 / 100 · Grade B
This plan vs. peers
Peers: Retail Trade plans with 500–2,499 active participants (719 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 68th |
| Lower admin cost | 29th |
| Employee saving | 80th |
| Peers that auto-enroll | 48% |
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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
- Northland Hearing Centers put in about $1,169 per active participant, more than the typical peer ($743). 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.
- 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 | $847,668 |
| Participant (employee) contributions | $3,519,336 |
| Other contributions (incl. rollovers in) | $434,401 |
| Administrative expenses paid from the plan | $105,277 |
| Contract administrator fees | $105,277 |
| Benefits paid out | $2,703,363 |
| Net assets, start / end of year | $23.2M / $27.7M |
| Active participants, start / end of year | 724 / 726 |
| Participants with account balances | 799 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Olsen, Thielen & Co., LTD. |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $105,276 reported compensation |
| Morningstar Investment Management L | $0 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20260309103709NAL0002345795001, received 2026-03-09, EIN 20-4914238, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.