First Step, Inc. 401(k) Review & Grade
First Step 401(k) Retirement Savings Plan & Trust
Hot Springs, ARHealth Care & Social Assistance580 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$1,077Employer $ per active participant
$1,418Employee $ saved per active participant
0.74%Direct admin cost, % of plan assets
$14.2MNet plan assets, end of year
$36,126Average balance per account
Score breakdown
- Employer generosity26.2 / 5052th percentile for employer $ per participant
- Low cost2.9 / 2512th percentile for low admin cost vs. same-size plans
- Employee saving4.7 / 1532th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score34 / 100 · Grade D
This plan vs. peers
Peers: Health Care & Social Assistance plans with 500–2,499 active participants (1,427 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 52th |
| Lower admin cost | 12th |
| Employee saving | 32th |
| Peers that auto-enroll | 36% |
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Red flags from the filing
Corrective distributions: the plan refunded $13,977 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- First Step put in about $1,077 per active participant, more than the typical peer ($976). Contribute at least enough to collect the full match. Skipping it leaves part of your pay on the table.
- 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 (0.74% 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 | $624,577 |
| Participant (employee) contributions | $822,596 |
| Other contributions (incl. rollovers in) | $626 |
| Administrative expenses paid from the plan | $105,601 |
| Investment advisory & management fees | $10,907 |
| Benefits paid out | $2,818,655 |
| Net assets, start / end of year | $14.5M / $14.2M |
| Active participants, start / end of year | 597 / 563 |
| Participants with account balances | 392 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Ata, PC |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company O | $86,862 reported compensation |
| Prime Capital Investment Advisors L | $10,907 reported compensation |
| Fidelity Investments Institutional | $7,832 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251009100702NAL0006806097001, received 2025-10-09, EIN 71-0307372, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.