Great Hearts America 401(k) Review & Grade
Great Hearts Academies 401(k) Plan
Phoenix, AZEducational Services3,042 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$361Employer $ per active participant
$2,003Employee $ saved per active participant
0.43%Direct admin cost, % of plan assets
$50.1MNet plan assets, end of year
$19,325Average balance per account
Score breakdown
- Employer generosity10.6 / 5021th percentile for employer $ per participant
- Low cost3.8 / 2515th percentile for low admin cost vs. same-size plans
- Employee saving3.2 / 1521th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score28 / 100 · Grade F
This plan vs. peers
Peers: Educational Services plans with 2,500–9,999 active participants (34 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 21th |
| Lower admin cost | 15th |
| Employee saving | 21th |
| Peers that auto-enroll | 65% |
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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
- Great Hearts America put in about $361 per active participant, below the typical peer ($1,155). 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 (0.43% of assets) are well above similar-size plans (0.12%). 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.
- 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 | $1,097,022 |
| Participant (employee) contributions | $6,092,706 |
| Other contributions (incl. rollovers in) | $83,169 |
| Administrative expenses paid from the plan | $195,536 |
| Contract administrator fees | $195,536 |
| Benefits paid out | $3,406,786 |
| Net assets, start / end of year | $40.3M / $50.1M |
| Active participants, start / end of year | 3,271 / 2,812 |
| Participants with account balances | 2,590 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Fester & Chapman, P.C |
Largest service providers (Schedule C)
| Newport Group, Inc. | $195,536 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014090926NAL0002379937001, received 2025-10-14, EIN 20-2036133, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.