Healthplanone, LLC 401(k) Review & Grade
Healthplanone, LLC 401(k) Plan
Shelton, CTFinance & Insurance2,010 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$591Employer $ per active participant
$1,764Employee $ saved per active participant
0.36%Direct admin cost, % of plan assets
$23.0MNet plan assets, end of year
–Average balance per account (account count looks misreported)
Score breakdown
- Employer generosity3.1 / 506th percentile for employer $ per participant
- Low cost8.4 / 2534th percentile for low admin cost vs. same-size plans
- Employee saving0.5 / 153th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score12 / 100 · Grade F
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 6th |
| Lower admin cost | 34th |
| Employee saving | 3th |
| Peers that auto-enroll | 62% |
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Red flags from the filing
Corrective distributions: the plan refunded $181,083 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Healthplanone put in about $591 per active participant, below the typical peer ($3,606). 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 (0.36% 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 | $1,187,963 |
| Participant (employee) contributions | $3,546,354 |
| Other contributions (incl. rollovers in) | $1,934,570 |
| Administrative expenses paid from the plan | $73,052 |
| Contract administrator fees | $68,077 |
| Other admin expenses | $4,975 |
| Benefits paid out | $3,027,001 |
| Net assets, start / end of year | $17.0M / $23.0M |
| Active participants, start / end of year | 1,949 / 2,071 |
| Participants with account balances | 852 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | PKF O'connor Davies, LLP |
Largest service providers (Schedule C)
| MML Investors Services Inc | $55,231 reported compensation |
| The Angell Pension Group, Inc. | $9,320 reported compensation |
| Voya Retirement Insurance & Annuity | $81 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250930150958NAL0013418800001, received 2025-09-30, EIN 20-4098658, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.