The Hanover Insurance Company 401(k) Review & Grade
The Hanover Insurance Group Retirement Savings Plan
Worcester, MAFinance & Insurance4,790 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$6,164Employer $ per active participant
$10,002Employee $ saved per active participant
0.01%Direct admin cost, % of plan assets
$1.3BNet plan assets, end of year
$168,089Average balance per account
Score breakdown
- Employer generosity34.3 / 5069th percentile for employer $ per participant
- Low cost24.4 / 2598th percentile for low admin cost vs. same-size plans
- Employee saving10.2 / 1568th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score76 / 100 · Grade A
This plan vs. peers
Peers: Finance & Insurance plans with 2,500–9,999 active participants (199 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 69th |
| Lower admin cost | 98th |
| Employee saving | 68th |
| Peers that auto-enroll | 66% |
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 $6,373 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Hanover Insurance put in about $6,164 per active participant, more than the typical peer ($4,489). 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.
- The plan auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- 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 | $29,523,885 |
| Participant (employee) contributions | $47,907,410 |
| Other contributions (incl. rollovers in) | $13,060,610 |
| Administrative expenses paid from the plan | $114,219 |
| Contract administrator fees | $1,500 |
| Benefits paid out | $123,770,451 |
| Net assets, start / end of year | $1.2B / $1.3B |
| Active participants, start / end of year | 4,650 / 4,930 |
| Participants with account balances | 7,757 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Pricewaterhousecoopers LLP |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $114,219 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251008165722NAL0003161939001, received 2025-10-08, EIN 13-5129825, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.