Shearer's Foods, LLC 401(k) Review & Grade
Shearer's Foods, LLC Retirement Savings Plan
Massillon, OHManufacturing4,451 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,033Employer $ per active participant
$3,587Employee $ saved per active participant
0.34%Direct admin cost, % of plan assets
$134.1MNet plan assets, end of year
$28,916Average balance per account
Score breakdown
- Employer generosity5.8 / 5012th percentile for employer $ per participant
- Low cost4.9 / 2520th percentile for low admin cost vs. same-size plans
- Employee saving3.2 / 1521th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-10 pts1 issue reported on the filing
Total score14 / 100 · Grade F
This plan vs. peers
Peers: Manufacturing plans with 2,500–9,999 active participants (566 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 12th |
| Lower admin cost | 20th |
| Employee saving | 21th |
| Peers that auto-enroll | 70% |
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Red flags from the filing
Late deposits: the filing says some employee contributions were not sent to the plan on time ($259 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
What to do if you're in this plan
- Shearer's Foods put in about $1,033 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 (0.34% 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.
- The plan auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- The plan reported late deposits of employee contributions. Compare your pay stubs with your account statements, and contact the plan administrator if money shows up late.
- 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 | $4,597,305 |
| Participant (employee) contributions | $15,963,751 |
| Other contributions (incl. rollovers in) | $2,811,300 |
| Administrative expenses paid from the plan | $425,237 |
| Contract administrator fees | $392,098 |
| Investment advisory & management fees | $33,139 |
| Benefits paid out | $21,051,962 |
| Net assets, start / end of year | $117.5M / $134.1M |
| Active participants, start / end of year | 4,450 / 4,452 |
| Participants with account balances | 4,637 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Sikich CPA LLC |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $428,098 reported compensation |
| Global Retirement Partne | $73,155 reported compensation |
| Sikich CPA LLC | $10,500 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015104754NAL0002271043001, received 2025-10-15, EIN 34-1319359, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.