Sanmina Corporation 401(k) Review & Grade
Sanmina Corporation 401(k) Plan
San Jose, CAManufacturing4,420 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$359Employer $ per active participant
$5,283Employee $ saved per active participant
0.06%Direct admin cost, % of plan assets
$590.4MNet plan assets, end of year
$97,696Average balance per account
Score breakdown
- Employer generosity1.8 / 504th percentile for employer $ per participant
- Low cost18.8 / 2575th percentile for low admin cost vs. same-size plans
- Employee saving6.1 / 1541th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score17 / 100 · Grade F
This plan vs. peers
Peers: Manufacturing plans with 2,500–9,999 active participants (566 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 4th |
| Lower admin cost | 75th |
| Employee saving | 41th |
| Peers that auto-enroll | 70% |
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Red flags from the filing
Benefits not paid when due: the plan reported failing to pay some benefits on time.
Corrective distributions: the plan refunded $2,141 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Sanmina put in about $359 per active participant, below the typical peer ($3,452). 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.
- 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 | $1,588,095 |
| Participant (employee) contributions | $23,351,398 |
| Other contributions (incl. rollovers in) | $3,888,370 |
| Administrative expenses paid from the plan | $319,245 |
| Contract administrator fees | $600 |
| Other admin expenses | $13,687 |
| Benefits paid out | $58,601,421 |
| Net assets, start / end of year | $538.1M / $590.4M |
| Active participants, start / end of year | 4,413 / 4,427 |
| Participants with account balances | 6,043 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Baker Tilly, US LLP |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $306,819 reported compensation |
| Innovest | $9,275 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250929124205NAL0012170640001, received 2025-09-29, EIN 77-0228183, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.