Healthdrive Corporation 401(k) Review & Grade
Healthdrive Corporation 401(k) Profit Sharing Plan & Trust
Framingham, MAProfessional, Scientific & Technical Services570 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$676Employer $ per active participant
$5,410Employee $ saved per active participant
0.22%Direct admin cost, % of plan assets
$37.6MNet plan assets, end of year
$57,965Average balance per account
Score breakdown
- Employer generosity7.9 / 5016th percentile for employer $ per participant
- Low cost12.8 / 2551th percentile for low admin cost vs. same-size plans
- Employee saving4.0 / 1526th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score32 / 100 · Grade D
This plan vs. peers
Peers: Professional, Scientific & Technical Services plans with 500–2,499 active participants (1,469 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 16th |
| Lower admin cost | 51th |
| Employee saving | 26th |
| Peers that auto-enroll | 48% |
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Red flags from the filing
Corrective distributions: the plan refunded $9,882 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Healthdrive put in about $676 per active participant, below the typical peer ($3,082). 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 | $385,598 |
| Participant (employee) contributions | $3,083,448 |
| Other contributions (incl. rollovers in) | $721,016 |
| Administrative expenses paid from the plan | $76,286 |
| Contract administrator fees | $23,759 |
| Investment advisory & management fees | $51,667 |
| Benefits paid out | $2,636,098 |
| Net assets, start / end of year | $31.2M / $37.6M |
| Active participants, start / end of year | 557 / 583 |
| Participants with account balances | 649 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Cliftonlarsonallen LLP |
Largest service providers (Schedule C)
| LPL Financial | $51,490 reported compensation |
| Paychex, Inc. | $23,688 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251124112117NAL0002926928001, received 2025-11-24, EIN 04-3052905, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.