Galen Medical Group Employees 401(k) Review & Grade
Galen Medical Group Employees Retirement Savings Plan
Hixson, TNHealth Care & Social Assistance506 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$5,345Employer $ per active participant
$5,601Employee $ saved per active participant
0.19%Direct admin cost, % of plan assets
$62.2MNet plan assets, end of year
$104,380Average balance per account
Score breakdown
- Employer generosity45.7 / 5091th percentile for employer $ per participant
- Low cost14.0 / 2556th percentile for low admin cost vs. same-size plans
- Employee saving12.8 / 1585th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score83 / 100 · Grade A
This plan vs. peers
Peers: Health Care & Social Assistance plans with 500–2,499 active participants (1,427 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 91th |
| Lower admin cost | 56th |
| Employee saving | 85th |
| Peers that auto-enroll | 36% |
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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
- Galen Medical Group Employees put in about $5,345 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.
- 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 | $2,701,938 |
| Participant (employee) contributions | $2,831,399 |
| Other contributions (incl. rollovers in) | $1,336,840 |
| Administrative expenses paid from the plan | $110,695 |
| Contract administrator fees | $110,695 |
| Benefits paid out | $7,364,555 |
| Net assets, start / end of year | $55.6M / $62.2M |
| Active participants, start / end of year | 506 / 505 |
| Participants with account balances | 596 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Baker Tilly US, LLP |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $110,635 reported compensation |
| Principal Securities, Inc | $49,084 reported compensation |
| Wilshire Advisors LLC | $0 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014143602NAL0003172705001, received 2025-10-14, EIN 62-1508884, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.