Schwans Shared Services, LLC 401(k) Review & Grade
Schwan's Company Retirement Savings Plan
Bloomington, MNManufacturing8,920 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$1,561Employer $ per active participant
$3,208Employee $ saved per active participant
0.18%Direct admin cost, % of plan assets
$631.9MNet plan assets, end of year
$76,718Average balance per account
Score breakdown
- Employer generosity9.7 / 5019th percentile for employer $ per participant
- Low cost9.6 / 2538th percentile for low admin cost vs. same-size plans
- Employee saving2.4 / 1516th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score25 / 100 · Grade F
This plan vs. peers
Peers: Manufacturing plans with 2,500–9,999 active participants (566 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 19th |
| Lower admin cost | 38th |
| Employee saving | 16th |
| Peers that auto-enroll | 70% |
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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
- Schwans Shared Services put in about $1,561 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 | $13,921,905 |
| Participant (employee) contributions | $28,620,506 |
| Other contributions (incl. rollovers in) | $7,707,658 |
| Administrative expenses paid from the plan | $1,085,272 |
| Investment advisory & management fees | $446,833 |
| Other admin expenses | $598,748 |
| Benefits paid out | $63,897,029 |
| Net assets, start / end of year | $570.4M / $631.9M |
| Active participants, start / end of year | 8,706 / 9,135 |
| Participants with account balances | 8,237 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Cliftonlarsonallen LLP |
Largest service providers (Schedule C)
| Fidelity Trust Company | $645,006 reported compensation |
| Towers Watson Investments Services | $154,204 reported compensation |
| Mercer Investments LLC | $71,585 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251013135421NAL0001445057001, received 2025-10-13, EIN 81-0572771, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.