Indian River Memorial Hospital, Inc. D/B/A Indian River Medical Center 401(k) Review & Grade
Irmc 403(b) Plan
Vero Beach, FLHealth Care & Social Assistance1,785 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$985Employer $ per active participant
$1,730Employee $ saved per active participant
0.06%Direct admin cost, % of plan assets
$42.8MNet plan assets, end of year
–Average balance per account (account count looks misreported)
Score breakdown
- Employer generosity25.0 / 5050th percentile for employer $ per participant
- Low cost21.4 / 2586th percentile for low admin cost vs. same-size plans
- Employee saving5.6 / 1537th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score55 / 100 · Grade C
This plan vs. peers
Peers: Health Care & Social Assistance plans with 500–2,499 active participants (1,427 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 50th |
| Lower admin cost | 86th |
| Employee saving | 37th |
| Peers that auto-enroll | 36% |
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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
- Indian River Memorial Hospital, Inc. D/B/A Indian River Medical Center put in about $985 per active participant, more than the typical peer ($976). 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.
- 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 | $1,757,989 |
| Participant (employee) contributions | $3,088,640 |
| Other contributions (incl. rollovers in) | $241,387 |
| Administrative expenses paid from the plan | $50,152 |
| Investment advisory & management fees | $2,080 |
| Benefits paid out | $3,528,651 |
| Net assets, start / end of year | $137.6M / $42.8M |
| Active participants, start / end of year | 2,776 / 794 |
| Participants with account balances | 673 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Cbiz Cpas P.C. |
Largest service providers (Schedule C)
| Fidelity Investments | $26,476 reported compensation |
| Valic Retirement Services | $11,345 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251012183307NAL0000634465001, received 2025-10-12, EIN 59-2496294, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.