Rich Products Corporation 401(k) Review & Grade
Rich's 401(k) Hourly Plan
Buffalo, NYManufacturing876 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,295Employer $ per active participant
$2,943Employee $ saved per active participant
0.10%Direct admin cost, % of plan assets
$38.8MNet plan assets, end of year
$37,130Average balance per account
Score breakdown
- Employer generosity12.6 / 5025th percentile for employer $ per participant
- Low cost18.3 / 2573th 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 score41 / 100 · Grade D
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 25th |
| Lower admin cost | 73th |
| Employee saving | 22th |
| Peers that auto-enroll | 59% |
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Red flags from the filing
Corrective distributions: the plan refunded $10,577 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Rich Products put in about $1,295 per active participant, below the typical peer ($2,320). 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 | $1,134,273 |
| Participant (employee) contributions | $2,577,880 |
| Other contributions (incl. rollovers in) | $73,618 |
| Administrative expenses paid from the plan | $38,404 |
| Benefits paid out | $4,782,759 |
| Net assets, start / end of year | $35.7M / $38.8M |
| Active participants, start / end of year | 978 / 774 |
| Participants with account balances | 1,046 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Chiampou Travis Besaw &kershner LLP |
Largest service providers (Schedule C)
| Empower Life & Annuity Insurance Co | $29,093 reported compensation |
| The Vanguard Group, Inc. | $16,576 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014144739NAL0003062257001, received 2025-10-14, EIN 31-1387980, plan #004, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.