Lawrence & Memorial Hospital 401(k) Review & Grade
Lawrence & Memorial Hospital 401(k) Plan
New London, CTHealth Care & Social Assistance4,486 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$1,438Employer $ per active participant
$3,345Employee $ saved per active participant
0.02%Direct admin cost, % of plan assets
$369.4MNet plan assets, end of year
$87,486Average balance per account
Score breakdown
- Employer generosity30.4 / 5061th percentile for employer $ per participant
- Low cost23.3 / 2593th percentile for low admin cost vs. same-size plans
- Employee saving8.3 / 1556th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score62 / 100 · Grade B
This plan vs. peers
Peers: Health Care & Social Assistance plans with 2,500–9,999 active participants (312 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 61th |
| Lower admin cost | 93th |
| Employee saving | 56th |
| Peers that auto-enroll | 38% |
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Red flags from the filing
Corrective distributions: the plan refunded $184,625 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Lawrence & Memorial Hospital put in about $1,438 per active participant, more than the typical peer ($800). 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 | $6,450,888 |
| Participant (employee) contributions | $15,002,810 |
| Other contributions (incl. rollovers in) | $671,024 |
| Administrative expenses paid from the plan | $81,073 |
| Investment advisory & management fees | $275 |
| Other admin expenses | $65,048 |
| Benefits paid out | $27,323,085 |
| Net assets, start / end of year | $331.7M / $369.4M |
| Active participants, start / end of year | 4,625 / 4,346 |
| Participants with account balances | 4,222 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Baker Tilly US, LLP |
Largest service providers (Schedule C)
| Capfinancial Partners | $30,885 reported compensation |
| Baker Tilly US, LLP | $15,750 reported compensation |
| Fidelity Investments Institutional | −$340,764 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250925110710NAL0007590545002, received 2025-09-25, EIN 06-0646704, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.