Connect Holding II, LLC 401(k) Review & Grade
Brightspeed 401(k) Savings Plan
Charlotte, NCInformation4,143 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$2,694Employer $ per active participant
$6,920Employee $ saved per active participant
0.14%Direct admin cost, % of plan assets
$351.5MNet plan assets, end of year
$86,356Average balance per account
Score breakdown
- Employer generosity18.6 / 5037th percentile for employer $ per participant
- Low cost11.5 / 2546th percentile for low admin cost vs. same-size plans
- Employee saving5.8 / 1539th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score43 / 100 · Grade D
This plan vs. peers
Peers: Information plans with 2,500–9,999 active participants (60 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 37th |
| Lower admin cost | 46th |
| Employee saving | 39th |
| Peers that auto-enroll | 63% |
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Red flags from the filing
Corrective distributions: the plan refunded $1,899 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Connect Holding II put in about $2,694 per active participant, below the typical peer ($3,691). 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.
- 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 | $11,159,854 |
| Participant (employee) contributions | $28,670,437 |
| Other contributions (incl. rollovers in) | $18,122,042 |
| Administrative expenses paid from the plan | $445,609 |
| Contract administrator fees | $401,176 |
| Other admin expenses | $44,433 |
| Benefits paid out | $37,519,614 |
| Net assets, start / end of year | $292.4M / $351.5M |
| Active participants, start / end of year | 4,167 / 4,119 |
| Participants with account balances | 4,070 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Crowe, LLP |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $392,711 reported compensation |
| Prime Capital Investment Advis | $31,368 reported compensation |
| Morningstar Investment Service | $6,643 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251013084900NAL0000879505001, received 2025-10-13, EIN 87-3811759, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.