Volvo Group North America, LLC 401(k) Review & Grade
Voluntary Investment Pretax Plan for the Volvo Group North America Union Employees
Greensboro, NCManufacturing3,164 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$2,259Employer $ per active participant
$3,019Employee $ saved per active participant
0.14%Direct admin cost, % of plan assets
$150.6MNet plan assets, end of year
$35,083Average balance per account
Score breakdown
- Employer generosity16.1 / 5032th percentile for employer $ per participant
- Low cost11.3 / 2545th percentile for low admin cost vs. same-size plans
- Employee saving2.3 / 1515th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score37 / 100 · Grade D
This plan vs. peers
Peers: Manufacturing plans with 2,500–9,999 active participants (566 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 32th |
| Lower admin cost | 45th |
| Employee saving | 15th |
| Peers that auto-enroll | 70% |
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 $30,925 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Volvo Group North America put in about $2,259 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.
- 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 | $7,148,375 |
| Participant (employee) contributions | $9,553,411 |
| Other contributions (incl. rollovers in) | $250,964 |
| Administrative expenses paid from the plan | $200,203 |
| Benefits paid out | $14,530,805 |
| Net assets, start / end of year | $130.1M / $150.6M |
| Active participants, start / end of year | 3,076 / 3,253 |
| Participants with account balances | 4,294 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Cliftonlarsonallen LLP |
Largest service providers (Schedule C)
| Transamerica Retirement Solutions | $197,408 reported compensation |
| Empower Annuity Insurance Company | $19,164 reported compensation |
| National Financial Services | $0 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251008082856NAL0009013392001, received 2025-10-08, EIN 58-2431188, plan #014, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.