Albany International Corp. 401(k) Review & Grade
Albany International Corp. Prosperity Plus Savings Plan
Rochester, NHManufacturing1,975 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$5,440Employer $ per active participant
$7,904Employee $ saved per active participant
0.06%Direct admin cost, % of plan assets
$481.4MNet plan assets, end of year
$160,830Average balance per account
Score breakdown
- Employer generosity42.7 / 5085th percentile for employer $ per participant
- Low cost20.8 / 2583th percentile for low admin cost vs. same-size plans
- Employee saving12.0 / 1580th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score83 / 100 · Grade A
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 85th |
| Lower admin cost | 83th |
| Employee saving | 80th |
| Peers that auto-enroll | 59% |
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Red flags from the filing
Corrective distributions: the plan refunded $13,546 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Albany International put in about $5,440 per active participant, more than the typical peer ($2,320). 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 | $10,743,080 |
| Participant (employee) contributions | $15,611,148 |
| Other contributions (incl. rollovers in) | $1,888,529 |
| Administrative expenses paid from the plan | $298,896 |
| Other admin expenses | $298,896 |
| Benefits paid out | $51,518,204 |
| Net assets, start / end of year | $447.5M / $481.4M |
| Active participants, start / end of year | 1,909 / 2,041 |
| Participants with account balances | 2,993 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Cohnreznick |
Largest service providers (Schedule C)
| The Vanguard Group, Inc. | $220,342 reported compensation |
| Vanguard Advisers Inc. | $78,554 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015124134NAL0006110944001, received 2025-10-15, EIN 14-0462060, plan #025, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.