Sonoco Products Company 401(k) Review & Grade
Sonoco Retirement & Savings Plan
Hartsville, SCManufacturing11,446 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$4,338Employer $ per active participant
$6,271Employee $ saved per active participant
0.11%Direct admin cost, % of plan assets
$1.7BNet plan assets, end of year
$108,264Average balance per account
Score breakdown
- Employer generosity18.3 / 5037th percentile for employer $ per participant
- Low cost10.1 / 2541th percentile for low admin cost vs. same-size plans
- Employee saving4.8 / 1532th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score30 / 100 · Grade D
This plan vs. peers
Peers: Manufacturing plans with 10,000+ active participants (151 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 37th |
| Lower admin cost | 41th |
| Employee saving | 32th |
| Peers that auto-enroll | 69% |
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Red flags from the filing
Late deposits: the filing says some employee contributions were not sent to the plan on time ($73,589 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $33,199 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Sonoco Products put in about $4,338 per active participant, below the typical peer ($5,480). 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.
- The plan reported late deposits of employee contributions. Compare your pay stubs with your account statements, and contact the plan administrator if money shows up late.
- 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 | $49,652,000 |
| Participant (employee) contributions | $71,778,000 |
| Other contributions (incl. rollovers in) | $9,499,000 |
| Administrative expenses paid from the plan | $1,761,261 |
| Contract administrator fees | $47,886 |
| Investment advisory & management fees | $1,119,346 |
| Other admin expenses | $300 |
| Benefits paid out | $200,374,222 |
| Net assets, start / end of year | $1.6B / $1.7B |
| Active participants, start / end of year | 11,813 / 11,080 |
| Participants with account balances | 15,367 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Crowe LLP |
| Employer stock held by plan | $41,050,566 |
Largest service providers (Schedule C)
| Empower Advisory Group, LLC | $1,119,346 reported compensation |
| Empower Annuity Insurance Company | $482,728 reported compensation |
| Crowe LLP | $70,144 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250827124749NAL0009386049001, received 2025-08-27, EIN 57-0248420, plan #026, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.