Retirement plan

HANOVER FOODS CORPORATION 401(K)SAVINGS PLAN

Name: HANOVER FOODS CORPORATION - HANOVER FOODS CORPORATION 401(K)SAVINGS PLAN (2022) Form 5500
Creator: HANOVER FOODS CORPORATION
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, HANOVER FOODS CORPORATION 401(K)SAVINGS PLAN, HANOVER FOODS CORPORATION

HANOVER FOODS CORPORATIONEIN 23-0670710Plan #003PY 2022

1550 YORK STREET - HANOVER, PA 17331717-632-6000hanoverfoods.comLinkedIn1001-5000 employeesfood production

Prospect flagsLow participationLow employer contributionCorrective distributions

How to read this page

Total assets (EOY)

$34.8M

-24.1% from 2021

Total participants

1,144

+8.3% from 2021

Average account balance

$39,919

-28.2% from 2021

Annual return

-15.41%

-30.99 pp from 2021

Benchmarks

See 736 peers

Peer group

Industry31 - Manufacturing

Plan typeDefined contribution

Participants250-999

Cohort736 peers

Snapshot2022

Free accounts unlock saves, downloads, and 3-year history.

Analytics

Total assets (EOY)

Plan-year ending balance

$41.30M

Not enough data

1 years with asset history on file

Average account balance

Total assets / participants with a balance (line 6g)

$44K

Not enough data

1 years with per-participant data

Participants with account balance

Stacked by status: active / separated vested / retired or beneficiary. Total = line 6g.

946

Not enough data

1 years with headcount on file

Eligible Participants and Participation

Bars: eligible actives (line 6a). Line: derived rate = active employees with a balance / 6a.

74.8%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$2.22M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$3K

Not enough data

1 years with per-participant contribution data

Asset flow

BOY + contributions + return - distributions = EOY

Year

Annual return

Diverging bars; negative years highlighted

+13.44%

Not enough data

1 years with return on file

Admin fee / account holder

Total admin expenses / participants with a balance (line 6g)

$158

Not enough data

1 years with admin cost on file

Asset composition

Cash / stocks / bonds / mutual funds / real estate / loans over time

Not enough data

1 years with F_SCH_H allocation on file

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Service providers

Top 2 by compensation

Provider	Service type	Compensation
NEWPORT GROUP, INC.4 years Service code 15 · EIN 27-2037969	Recordkeeping	$69,596
PNC BANK, N.A.1 year Filed as: PNC INSTITUTIONAL ASSET MANAGEMENT Service code 26 · EIN 22-1146430	Advisory (Participants)	$17,231

Plan features & details

Pension benefit codes2E2F2H2J2K2R2T3F

Plan features

2E
Profit-sharing
Profit-sharing plan.
2F
ERISA section 404(c) plan
This plan or any part of it is intended to meet the conditions of 29 CFR 2550.404c-1 (shifting investment responsibility to participants).
2H
Partial participant-directed account plan
Participants have the opportunity to direct the investment of a portion of the assets allocated to their individual accounts regardless of whether 29 CFR 2550.404c-1 is intended to be met.
2J
Code section 401(k) feature
Cash or deferred arrangement described in Code section 401(k) that is part of a qualified defined contribution plan under which employees may elect to defer part of their compensation or receive these amounts in cash.
2K
Code section 401(m) arrangement
Employee contributions are allocated to separate accounts under the plan or employer contributions are based in whole or in part on employee deferrals or contributions to the plan. Not applicable to 401(k) plans with only QNECs and/or QMACs or to 403(b)(1) 403(b)(7) or 408 arrangements.
2R
Participant-directed brokerage accounts
Participant-directed brokerage accounts provided as an investment option under the plan.
2T
Default investment account
Total or partial participant-directed account plan where plan uses a default investment account for participants who fail to direct assets in their account.
3F
Leased employees
Plan sponsor(s) received services of leased employees as defined in Code section 414(n) during the plan year.

Opportunity flags

3 tripped

OpportunityLow participation
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
OpportunityLow employer contribution
Employer contribution per participant is in the bottom quintile of the peer cohort.
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$87K

$122 / participant

Investment mgmt$17K19.8%
Contract admin$70K80.2%

% of EOY assets

0.250%

all-in expense ratio

Categories reported

2 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: RKL LLP
Auditor EIN: 232108173
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$39,919

$56,503-29.4%

$69,890-42.9%

$64,824-38.4%

Participation rate

61.7%

70.5%-8.8pp

71.5%-9.8pp

Annual return

-15.41%

-13.44%-2.0pp

190.84%-206.3pp

32.84%-48.3pp

Employer contribution / active EE

$494

$2,046-75.9%

$2,560-80.7%

$2,507-80.3%

Participant deferral / active EE

$2,430

$3,389-28.3%

$3,848-36.9%

$4,311-43.6%

Admin fee / account holder

$100

$160-37.8%

$6,267-98.4%

$188-46.9%

Provider

Service type

Compensation

NEWPORT GROUP, INC.4 years

Service code 15 · EIN 27-2037969

Recordkeeping

$69,596

PNC BANK, N.A.1 year

Filed as: PNC INSTITUTIONAL ASSET MANAGEMENT

Service code 26 · EIN 22-1146430

Advisory (Participants)

$17,231

HANOVER FOODS CORPORATION 401(K)SAVINGS PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

HANOVER FOODS CORPORATION 401(K)SAVINGS PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

Benchmarks

Service providers

Opportunity flags

Expense breakdown

Audit opinion

Benchmarks

Service providers

Opportunity flags

Expense breakdown

Audit opinion