Florida Health Care Plan, Inc. 401(k) Review & Grade
Florida Health Care Plan, Inc. 401(k) Plan
Daytona Beach, FLHealth Care & Social Assistance1,415 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$2,132Employer $ per active participant
$4,553Employee $ saved per active participant
0.68%Direct admin cost, % of plan assets
$86.5MNet plan assets, end of year
$59,178Average balance per account
Score breakdown
- Employer generosity36.3 / 5073th percentile for employer $ per participant
- Low cost3.4 / 2514th percentile for low admin cost vs. same-size plans
- Employee saving11.1 / 1574th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score51 / 100 · Grade C
This plan vs. peers
Peers: Health Care & Social Assistance plans with 500–2,499 active participants (1,427 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 73th |
| Lower admin cost | 14th |
| Employee saving | 74th |
| Peers that auto-enroll | 36% |
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Red flags from the filing
Corrective distributions: the plan refunded $186,277 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Florida Health Care Plan put in about $2,132 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 (0.68% 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 | $3,017,307 |
| Participant (employee) contributions | $6,442,694 |
| Other contributions (incl. rollovers in) | $387,088 |
| Administrative expenses paid from the plan | $558,794 |
| Contract administrator fees | $184,017 |
| Investment advisory & management fees | $374,777 |
| Benefits paid out | $11,334,459 |
| Net assets, start / end of year | $77.5M / $86.5M |
| Active participants, start / end of year | 1,432 / 1,398 |
| Participants with account balances | 1,461 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Bolerjack, Halsema, Bowling & White |
Largest service providers (Schedule C)
| Ashford/bert Reams | $374,777 reported compensation |
| Retirement Planners & Administrator | $191,680 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251007081138NAL0004307313001, received 2025-10-07, EIN 26-3238817, plan #007, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.