Hoopaugh Grading Co., LLC 401(k) Review & Grade
Hoopaugh Grading Co., LLC 401(k) Plan
Charlotte, NCConstruction679 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$1,249Employer $ per active participant
$2,141Employee $ saved per active participant
0.06%Direct admin cost, % of plan assets
$16.6MNet plan assets, end of year
$45,665Average balance per account
Score breakdown
- Employer generosity19.3 / 5039th percentile for employer $ per participant
- Low cost21.2 / 2585th percentile for low admin cost vs. same-size plans
- Employee saving3.5 / 1524th percentile for employee $ per participant
- Plan features0 / 10No auto-enrollment or default investment reported
- Red-flag deductions-3 pts1 issue reported on the filing
Total score41 / 100 · Grade D
This plan vs. peers
Peers: Construction plans with 500–2,499 active participants (498 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 39th |
| Lower admin cost | 85th |
| Employee saving | 24th |
| Peers that auto-enroll | 44% |
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Red flags from the filing
Corrective distributions: the plan refunded $85,197 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Hoopaugh Grading Co. put in about $1,249 per active participant, below the typical peer ($1,672). 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.
- 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 | $847,952 |
| Participant (employee) contributions | $1,453,970 |
| Other contributions (incl. rollovers in) | $37,322 |
| Administrative expenses paid from the plan | $8,834 |
| Contract administrator fees | $8,834 |
| Benefits paid out | $1,576,002 |
| Net assets, start / end of year | $13.9M / $16.6M |
| Active participants, start / end of year | 693 / 665 |
| Participants with account balances | 364 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | BGW CPA Co, LLP |
Largest service providers (Schedule C)
| Ameriprise Financial Services | $76,331 reported compensation |
| Nationwide | $55,752 reported compensation |
| Aps - Pentegra | $12,174 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015162803NAL0002749443001, received 2025-10-15, EIN 56-2159346, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.