Team Honey Badger LLC 401(k) Review & Grade
Team Honey Badger 401(k) Plan
Willmar, MNAccommodation & Food Services828 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$266Employer $ per active participant
$751Employee $ saved per active participant
0.31%Direct admin cost, % of plan assets
$1.6MNet plan assets, end of year
–Average balance per account (account count looks misreported)
Score breakdown
- Employer generosity25.1 / 5050th percentile for employer $ per participant
- Low cost9.9 / 2540th percentile for low admin cost vs. same-size plans
- Employee saving7.1 / 1547th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score42 / 100 · Grade D
This plan vs. peers
Peers: Accommodation & Food Services plans with 500–2,499 active participants (458 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 50th |
| Lower admin cost | 40th |
| Employee saving | 47th |
| Peers that auto-enroll | 17% |
Get the monthly 401(k) report card
The best and worst plans, new grades as filings post. One email a month, no spam.
Red flags from the filing
Corrective distributions: the plan refunded $45,884 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Team Honey Badger put in about $266 per active participant, more than the typical peer ($266). 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.
- 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 | $220,676 |
| Participant (employee) contributions | $622,415 |
| Other contributions (incl. rollovers in) | $17,269 |
| Administrative expenses paid from the plan | $3,871 |
| Benefits paid out | $199,201 |
| Net assets, start / end of year | $883,326 / $1.6M |
| Active participants, start / end of year | 934 / 723 |
| Participants with account balances | 165 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Bergankdv |
Largest service providers (Schedule C)
| Adp, Inc. | $3,871 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015094456NAL0002187027001, received 2025-10-15, EIN 41-1958664, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.