Hims, Inc. 401(k) Review & Grade
Hims 401(k) Plan
San Francisco, CARetail Trade1,238 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$2,352Employer $ per active participant
$10,093Employee $ saved per active participant
0.49%Direct admin cost, % of plan assets
$54.2MNet plan assets, end of year
$33,216Average balance per account
Score breakdown
- Employer generosity44.4 / 5089th percentile for employer $ per participant
- Low cost5.9 / 2523th percentile for low admin cost vs. same-size plans
- Employee saving14.9 / 1599th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score72 / 100 · Grade B
This plan vs. peers
Peers: Retail Trade plans with 500–2,499 active participants (719 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 89th |
| Lower admin cost | 23th |
| Employee saving | 99th |
| Peers that auto-enroll | 48% |
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Red flags from the filing
Corrective distributions: the plan refunded $20,731 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Hims put in about $2,352 per active participant, more than the typical peer ($743). 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.
- Direct plan expenses (0.49% 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.
- 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 | $2,913,493 |
| Participant (employee) contributions | $12,499,906 |
| Other contributions (incl. rollovers in) | $6,090,139 |
| Administrative expenses paid from the plan | $208,574 |
| Contract administrator fees | $300 |
| Investment advisory & management fees | $80,557 |
| Benefits paid out | $2,740,044 |
| Net assets, start / end of year | $30.1M / $54.2M |
| Active participants, start / end of year | 919 / 1,558 |
| Participants with account balances | 1,632 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Caron & Bletzer PLLC |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $128,317 reported compensation |
| Newfront Retirement Services Inc | $62,392 reported compensation |
| Strategic Advisors, Inc. | $18,165 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250710161227NAL0003627523001, received 2025-07-10, EIN 82-1928388, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.