Freshpet, Inc. 401(k) Review & Grade
Freshpet, Inc. 401(k) Plan
Bedminster, NJManufacturing1,189 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$3,296Employer $ per active participant
$5,977Employee $ saved per active participant
0.43%Direct admin cost, % of plan assets
$66.4MNet plan assets, end of year
$46,825Average balance per account
Score breakdown
- Employer generosity33.5 / 5067th percentile for employer $ per participant
- Low cost7.0 / 2528th percentile for low admin cost vs. same-size plans
- Employee saving9.5 / 1563th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score57 / 100 · Grade C
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 67th |
| Lower admin cost | 28th |
| Employee saving | 63th |
| Peers that auto-enroll | 59% |
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Red flags from the filing
Corrective distributions: the plan refunded $5,395 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Freshpet put in about $3,296 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.
- Direct plan expenses (0.43% of assets) are well above similar-size plans (0.23%). Check your annual fee disclosure, choose low-cost index funds if you can, and think about whether savings beyond the match belong in an IRA.
- 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 | $3,919,337 |
| Participant (employee) contributions | $7,106,524 |
| Other contributions (incl. rollovers in) | $2,362,633 |
| Administrative expenses paid from the plan | $251,369 |
| Investment advisory & management fees | $96,169 |
| Benefits paid out | $4,939,110 |
| Net assets, start / end of year | $50.4M / $66.4M |
| Active participants, start / end of year | 1,094 / 1,284 |
| Participants with account balances | 1,418 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Wiss & Company LLP CPA |
Largest service providers (Schedule C)
| Adp, Inc. | $155,200 reported compensation |
| Merrill Lynch Pierce Fenner & Smith | $97,955 reported compensation |
| Adp Broker-Dealer | $0 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015100427NAL0004531313001, received 2025-10-15, EIN 20-1884894, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.