Legacy Healthcare Financial Services, LLC 401(k) Review & Grade
Legacy Healthcare 401(k) Retirement Plan
Skokie, ILHealth Care & Social Assistance6,369 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$347Employer $ per active participant
$1,622Employee $ saved per active participant
0.34%Direct admin cost, % of plan assets
$104.8MNet plan assets, end of year
$23,198Average balance per account
Score breakdown
- Employer generosity19.5 / 5039th percentile for employer $ per participant
- Low cost4.8 / 2519th percentile for low admin cost vs. same-size plans
- Employee saving5.5 / 1537th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-10 pts1 issue reported on the filing
Total score23 / 100 · Grade F
This plan vs. peers
Peers: Health Care & Social Assistance plans with 2,500–9,999 active participants (312 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 39th |
| Lower admin cost | 19th |
| Employee saving | 37th |
| Peers that auto-enroll | 38% |
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Red flags from the filing
Late deposits: the filing says some employee contributions were not sent to the plan on time ($349,328 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
What to do if you're in this plan
- Legacy Healthcare Financial Services put in about $347 per active participant, below the typical peer ($800). 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.
- Direct plan expenses (0.34% of assets) are well above similar-size plans (0.12%). 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 reported late deposits of employee contributions. Compare your pay stubs with your account statements, and contact the plan administrator if money shows up late.
- 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 | $2,209,190 |
| Participant (employee) contributions | $10,328,710 |
| Other contributions (incl. rollovers in) | $2,239,380 |
| Administrative expenses paid from the plan | $284,484 |
| Benefits paid out | $7,771,375 |
| Net assets, start / end of year | $61.5M / $104.8M |
| Active participants, start / end of year | 5,898 / 6,840 |
| Participants with account balances | 4,518 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Smith & Howard, PC |
Largest service providers (Schedule C)
| One Digital Investments | $145,624 reported compensation |
| Great West Life & Annuity Insurance | $133,274 reported compensation |
| James Moyna | $11,000 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015120930NAL0009504306001, received 2025-10-15, EIN 36-3151856, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.