Independencefirst 401(k) Review & Grade
Safe-Harbor 403(b) Thrift Plan for Employees of Independencefirst
Milwaukee, WIHealth Care & Social Assistance1,104 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$456Employer $ per active participant
$585Employee $ saved per active participant
0.10%Direct admin cost, % of plan assets
$17.5MNet plan assets, end of year
$13,565Average balance per account
Score breakdown
- Employer generosity16.4 / 5033th percentile for employer $ per participant
- Low cost18.8 / 2575th percentile for low admin cost vs. same-size plans
- Employee saving2.0 / 1513th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score40 / 100 · Grade D
This plan vs. peers
Peers: Health Care & Social Assistance plans with 500–2,499 active participants (1,427 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 33th |
| Lower admin cost | 75th |
| Employee saving | 13th |
| Peers that auto-enroll | 36% |
Get the monthly 401(k) report card
The best and worst plans, new grades as filings post. One email a month, no spam.
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
- Independencefirst put in about $456 per active participant, below the typical peer ($976). 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.
- 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 | $502,937 |
| Participant (employee) contributions | $645,992 |
| Other contributions (incl. rollovers in) | $17,395 |
| Administrative expenses paid from the plan | $16,012 |
| Other admin expenses | $16,012 |
| Benefits paid out | $1,582,262 |
| Net assets, start / end of year | $16.2M / $17.5M |
| Active participants, start / end of year | 1,159 / 1,048 |
| Participants with account balances | 1,291 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Ritz Holman LLP |
Largest service providers (Schedule C)
| Mutual of America Investment Corp | $15,994 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251008130625NAL0005883281001, received 2025-10-08, EIN 39-1343425, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.