Jackson Hewitt Tax Service Inc. 401(k) Review & Grade
Jackson Hewitt Employee Savings Plan
Sarasota, FLProfessional, Scientific & Technical Services760 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$1,170Employer $ per active participant
$4,397Employee $ saved per active participant
0.24%Direct admin cost, % of plan assets
$65.8MNet plan assets, end of year
$69,505Average balance per account
Score breakdown
- Employer generosity10.9 / 5022th percentile for employer $ per participant
- Low cost12.2 / 2549th percentile for low admin cost vs. same-size plans
- Employee saving3.4 / 1523th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score17 / 100 · Grade F
This plan vs. peers
Peers: Professional, Scientific & Technical Services plans with 500–2,499 active participants (1,469 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 22th |
| Lower admin cost | 49th |
| Employee saving | 23th |
| Peers that auto-enroll | 48% |
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Red flags from the filing
Benefits not paid when due: the plan reported failing to pay some benefits on time.
Corrective distributions: the plan refunded $49,402 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Jackson Hewitt Tax Service put in about $1,170 per active participant, below the typical peer ($3,082). 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 | $889,284 |
| Participant (employee) contributions | $3,341,418 |
| Other contributions (incl. rollovers in) | $465,369 |
| Administrative expenses paid from the plan | $151,838 |
| Investment advisory & management fees | $78,380 |
| Benefits paid out | $7,818,470 |
| Net assets, start / end of year | $60.9M / $65.8M |
| Active participants, start / end of year | 454 / 1,066 |
| Participants with account balances | 947 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Templeton Accountants & Advisor |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $73,458 reported compensation |
| Advus Financial Partners | $64,040 reported compensation |
| Strategic Advisors, Inc. | $14,340 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250730152053NAL0004949697001, received 2025-07-30, EIN 20-0779692, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.