Bestbet Holdings, Inc. 401(k) Review & Grade
Bestbet Holdings, Inc. 401(k) Plan
Jacksonville, FLArts, Entertainment & Recreation744 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$609Employer $ per active participant
$3,357Employee $ saved per active participant
0.45%Direct admin cost, % of plan assets
$22.3MNet plan assets, end of year
$29,720Average balance per account
Score breakdown
- Employer generosity18.1 / 5036th percentile for employer $ per participant
- Low cost6.6 / 2527th percentile for low admin cost vs. same-size plans
- Employee saving10.4 / 1569th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score45 / 100 · Grade C
This plan vs. peers
Peers: Arts, Entertainment & Recreation plans with 500–2,499 active participants (225 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 36th |
| Lower admin cost | 27th |
| Employee saving | 69th |
| Peers that auto-enroll | 38% |
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Red flags from the filing
No red flags were reported on this filing's compliance questions.
What to do if you're in this plan
- Bestbet Holdings put in about $609 per active participant, below the typical peer ($995). 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.
- Direct plan expenses (0.45% of assets) are well above similar-size plans (0.23%). Check your annual fee disclosure, choose low-cost index funds if you can, and think about whether savings beyond the match belong in an IRA.
- 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 | $453,377 |
| Participant (employee) contributions | $2,497,568 |
| Other contributions (incl. rollovers in) | $20,995 |
| Administrative expenses paid from the plan | $90,547 |
| Contract administrator fees | $86,838 |
| Investment advisory & management fees | $3,709 |
| Benefits paid out | $1,318,104 |
| Net assets, start / end of year | $18.1M / $22.3M |
| Active participants, start / end of year | 767 / 721 |
| Participants with account balances | 750 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Forvis Mazars, LLP |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $86,837 reported compensation |
| PNC Bank | $23,351 reported compensation |
| Morningstar Investment Management L | $0 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250728101258NAL0004258082001, received 2025-07-28, EIN 59-3563220, plan #003, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.