Legacy Healthcare Services, Inc. 401(k) Review & Grade
Legacy Healthcare Services, Inc. 401(k) Plan
Raleigh, NCHealth Care & Social Assistance2,536 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$272Employer $ per active participant
$1,644Employee $ saved per active participant
0.41%Direct admin cost, % of plan assets
$38.9MNet plan assets, end of year
–Average balance per account (account count looks misreported)
Score breakdown
- Employer generosity17.5 / 5035th percentile for employer $ per participant
- Low cost4.0 / 2516th percentile for low admin cost vs. same-size plans
- Employee saving5.7 / 1538th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score30 / 100 · Grade D
This plan vs. peers
Peers: Health Care & Social Assistance plans with 2,500–9,999 active participants (312 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 35th |
| Lower admin cost | 16th |
| Employee saving | 38th |
| Peers that auto-enroll | 38% |
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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
- Legacy Healthcare Services put in about $272 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 (0.41% 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.
- 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 | $690,781 |
| Participant (employee) contributions | $4,169,216 |
| Other contributions (incl. rollovers in) | $786,371 |
| Administrative expenses paid from the plan | $149,091 |
| Contract administrator fees | $103,123 |
| Investment advisory & management fees | $45,968 |
| Benefits paid out | $6,012,606 |
| Net assets, start / end of year | $34.5M / $38.9M |
| Active participants, start / end of year | 2,619 / 2,454 |
| Participants with account balances | 1,265 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Thomas Judy and Tucker, P.A. |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $103,123 reported compensation |
| Usi Advisors, Inc. | $46,001 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015114200NAL0006138512001, received 2025-10-15, EIN 31-1679605, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.