Heffernan Insurance Brokers 401(k) Review & Grade
Heffernan Insurance Brokers 401(k) Plan
Walnut Creek, CAFinance & Insurance742 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$2,681Employer $ per active participant
$8,588Employee $ saved per active participant
0.03%Direct admin cost, % of plan assets
$129.7MNet plan assets, end of year
$148,585Average balance per account
Score breakdown
- Employer generosity16.4 / 5033th percentile for employer $ per participant
- Low cost23.0 / 2592th percentile for low admin cost vs. same-size plans
- Employee saving10.0 / 1566th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score46 / 100 · Grade C
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 33th |
| Lower admin cost | 92th |
| Employee saving | 66th |
| Peers that auto-enroll | 62% |
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Red flags from the filing
Late deposits: the filing says some employee contributions were not sent to the plan on time ($20,787 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $9,126 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Heffernan Insurance Brokers put in about $2,681 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.
- 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.
- The plan reported late deposits of employee contributions. Compare your pay stubs with your account statements, and contact the plan administrator if money shows up late.
- 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 | $1,989,520 |
| Participant (employee) contributions | $6,371,986 |
| Other contributions (incl. rollovers in) | $5,758,150 |
| Administrative expenses paid from the plan | $40,970 |
| Other admin expenses | $300 |
| Benefits paid out | $9,490,184 |
| Net assets, start / end of year | $109.9M / $129.7M |
| Active participants, start / end of year | 702 / 782 |
| Participants with account balances | 873 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Armanino LLP |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company O | $40,670 reported compensation |
| Qdro Consultants Co LLC | $300 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250912151203NAL0003895362001, received 2025-09-12, EIN 94-2506099, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.