Chancelight, Inc. 401(k) Review & Grade
Chancelight Inc 401k Profit Sharing Plan & Trust
Brentwood, TNEducational Services1,270 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$250Employer $ per active participant
$1,252Employee $ saved per active participant
0.66%Direct admin cost, % of plan assets
$24.8MNet plan assets, end of year
–Average balance per account (account count looks misreported)
Score breakdown
- Employer generosity3.1 / 506th percentile for employer $ per participant
- Low cost3.7 / 2515th percentile for low admin cost vs. same-size plans
- Employee saving2.3 / 1515th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score12 / 100 · Grade F
This plan vs. peers
Peers: Educational Services plans with 500–2,499 active participants (144 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 6th |
| Lower admin cost | 15th |
| Employee saving | 15th |
| Peers that auto-enroll | 37% |
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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
- Chancelight put in about $250 per active participant, below the typical peer ($1,225). 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 (0.66% 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.
- 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 | $317,350 |
| Participant (employee) contributions | $1,590,126 |
| Other contributions (incl. rollovers in) | $77,829 |
| Administrative expenses paid from the plan | $154,415 |
| Contract administrator fees | $15,394 |
| Investment advisory & management fees | $59,773 |
| Benefits paid out | $2,632,576 |
| Net assets, start / end of year | $22.3M / $24.8M |
| Active participants, start / end of year | 1,250 / 1,290 |
| Participants with account balances | 566 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Skibbie CPA Inc. |
Largest service providers (Schedule C)
| Raymond James Financial Services | $59,773 reported compensation |
| Access Retirement Services, LLC | $11,465 reported compensation |
| Voya Retirement Ins. | $3,930 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250717154225NAL0000825696001, received 2025-07-17, EIN 52-2185876, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.