2023 Best in Class 401(k) Plans | Winner
United Farmers Cooperative
| Plan name | United Farmers Cooperative |
| Location | Winthrop, Minnesota |
| Asset size ($MM) | $25 million - $50 million |
| Participants | 100 - 499 |
| Industry | Agriculture |
| Participation rate | 91% |
| Average deferral rate | 7% |
| # of funds offered | 25 |
| Investment review | Twice a year |
| True-up match | Unsure / Don't Know |
| Match vesting period | Immediately upon enrollment |
| Eligibility | Within 3 months of employment |
| Default deferral rate | 4.6-5% |
| Default investment | Target-date Fund (all types) |
| Automatic escalation | Exactly 1% |
| Systematic withdrawals | Yes |
| Fee equalization |
| Match Rate | 51%-99% of first 6% of salary |
| % receiving full match | All or nearly all participants (90% or more) |
| Maximum employer contribution | 4% |
| Financial Education | |
Saving/Budgeting | Yes |
Investing strategies | Yes |
College saving | No |
Credit/Debt management | No |
Tax/Estate planning | Yes |
Retiree health costs/savings options​ | No |
| Recordkeeper | John Hancock |
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