Life's Worc 401(k) Review & Grade
Life's Worc 403(b) Profit Sharing Plan
Garden City, NYHealth Care & Social Assistance776 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$282Employer $ per active participant
$1,217Employee $ saved per active participant
0.83%Direct admin cost, % of plan assets
$20.0MNet plan assets, end of year
$21,144Average balance per account
Score breakdown
- Employer generosity12.6 / 5025th percentile for employer $ per participant
- Low cost2.3 / 259th percentile for low admin cost vs. same-size plans
- Employee saving4.1 / 1527th percentile for employee $ per participant
- Plan features0 / 10No auto-enrollment or default investment reported
- Red-flag deductions-5 pts1 issue reported on the filing
Total score14 / 100 · Grade F
This plan vs. peers
Peers: Health Care & Social Assistance plans with 500–2,499 active participants (1,427 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 25th |
| Lower admin cost | 9th |
| Employee saving | 27th |
| Peers that auto-enroll | 36% |
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Red flags from the filing
Auditor disclaimer: the auditor issued a disclaimer of opinion.
What to do if you're in this plan
- Life's Worc put in about $282 per active participant, below the typical peer ($976). 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 (0.83% 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.
- 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 | $219,059 |
| Participant (employee) contributions | $945,145 |
| Other contributions (incl. rollovers in) | $261,649 |
| Administrative expenses paid from the plan | $163,702 |
| Contract administrator fees | $14,431 |
| Investment advisory & management fees | $50,128 |
| Other admin expenses | $2,615 |
| Benefits paid out | $2,453,805 |
| Net assets, start / end of year | $19.3M / $20.0M |
| Active participants, start / end of year | 1,017 / 536 |
| Participants with account balances | 948 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Bdo USA, P.C. |
Largest service providers (Schedule C)
| Sentinel Benefits Group, LLC | $94,418 reported compensation |
| Wealth Enhancement Group | $50,128 reported compensation |
| Ascensus, Inc. | $14,431 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20260414143335NAL0018607025001, received 2026-04-14, EIN 23-7209731, plan #001, plan year 2024-07-01 to 2025-06-30. Verify at efast.dol.gov.