Iris Telehealth, Inc 401(k) Review & Grade
Iris Telehealth 401(k) Plan
Austin, TXHealth Care & Social Assistance554 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$2,918Employer $ per active participant
$7,667Employee $ saved per active participant
0.36%Direct admin cost, % of plan assets
$22.9MNet plan assets, end of year
$44,117Average balance per account
Score breakdown
- Employer generosity41.1 / 5082th percentile for employer $ per participant
- Low cost8.5 / 2534th percentile for low admin cost vs. same-size plans
- Employee saving14.2 / 1595th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score71 / 100 · Grade B
This plan vs. peers
Peers: Health Care & Social Assistance plans with 500–2,499 active participants (1,427 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 82th |
| Lower admin cost | 34th |
| Employee saving | 95th |
| Peers that auto-enroll | 36% |
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Red flags from the filing
Corrective distributions: the plan refunded $2,342 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Iris Telehealth put in about $2,918 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.
- 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.
- 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 | $1,616,562 |
| Participant (employee) contributions | $4,247,794 |
| Other contributions (incl. rollovers in) | $754,575 |
| Administrative expenses paid from the plan | $70,978 |
| Investment advisory & management fees | $57,088 |
| Benefits paid out | $2,713,209 |
| Net assets, start / end of year | $16.4M / $22.9M |
| Active participants, start / end of year | 528 / 580 |
| Participants with account balances | 520 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Cliftonlarsonallen LLP |
Largest service providers (Schedule C)
| LPL Financial | $57,088 reported compensation |
| Adp, Inc. | $13,891 reported compensation |
| Adp Broker-Dealer | $0 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250801054254NAL0003032243001, received 2025-08-01, EIN 36-4880117, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.