Associated Milk Producers Inc. 401(k) Review & Grade
Ampi 401(k) Plan
New Ulm, MNManufacturing990 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$2,626Employer $ per active participant
$2,905Employee $ saved per active participant
0.19%Direct admin cost, % of plan assets
$70.2MNet plan assets, end of year
$53,412Average balance per account
Score breakdown
- Employer generosity28.2 / 5056th percentile for employer $ per participant
- Low cost13.9 / 2556th percentile for low admin cost vs. same-size plans
- Employee saving3.3 / 1522th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score52 / 100 · Grade C
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 56th |
| Lower admin cost | 56th |
| Employee saving | 22th |
| Peers that auto-enroll | 59% |
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Red flags from the filing
Corrective distributions: the plan refunded $5,428 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Associated Milk Producers put in about $2,626 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 | $2,598,242 |
| Participant (employee) contributions | $2,874,838 |
| Other contributions (incl. rollovers in) | $445,062 |
| Administrative expenses paid from the plan | $132,609 |
| Contract administrator fees | $50,060 |
| Investment advisory & management fees | $75,689 |
| Other admin expenses | $6,860 |
| Benefits paid out | $11,693,974 |
| Net assets, start / end of year | $68.1M / $70.2M |
| Active participants, start / end of year | 990 / 989 |
| Participants with account balances | 1,314 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Wipfli LLP |
Largest service providers (Schedule C)
| Voya Retirement Advisors, LLC | $39,629 reported compensation |
| Tax Sheltered Compensation | $33,700 reported compensation |
| Voya | $14,256 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014071502NAL0001066067001, received 2025-10-14, EIN 74-1649119, plan #102, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.