Seneca Foods Corporation 401(k) Review & Grade
Seneca Foods Corporation Employees' Savings Plan
Fairport, NYManufacturing4,602 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$607Employer $ per active participant
$3,545Employee $ saved per active participant
0.38%Direct admin cost, % of plan assets
$258.1MNet plan assets, end of year
$28,116Average balance per account
Score breakdown
- Employer generosity3.2 / 506th percentile for employer $ per participant
- Low cost4.3 / 2517th percentile for low admin cost vs. same-size plans
- Employee saving3.1 / 1520th percentile for employee $ per participant
- Plan features0 / 10No auto-enrollment or default investment reported
- Red-flag deductions-3 pts1 issue reported on the filing
Total score8 / 100 · Grade F
This plan vs. peers
Peers: Manufacturing plans with 2,500–9,999 active participants (566 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 6th |
| Lower admin cost | 17th |
| Employee saving | 20th |
| Peers that auto-enroll | 70% |
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Red flags from the filing
Corrective distributions: the plan refunded $136,947 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Seneca Foods put in about $607 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.
- Direct plan expenses (0.38% of assets) are well above similar-size plans (0.12%). 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.
- 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 | $2,795,122 |
| Participant (employee) contributions | $16,313,474 |
| Other contributions (incl. rollovers in) | $1,723,718 |
| Administrative expenses paid from the plan | $933,105 |
| Investment advisory & management fees | $520,919 |
| Benefits paid out | $30,869,912 |
| Net assets, start / end of year | $233.2M / $258.1M |
| Active participants, start / end of year | 6,353 / 2,850 |
| Participants with account balances | 9,179 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Freed Maxick P.C. |
| Employer stock held by plan | $41,241,181 |
Largest service providers (Schedule C)
| Empower Life & Annuity Insurance Co | $359,585 reported compensation |
| Cota Street Investment Management | $359,066 reported compensation |
| World Investment Advisors LLC | $161,853 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250708122816NAL0004657457001, received 2025-07-08, EIN 16-0733425, plan #003, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.