Maxwell Group Inc. 401(k) Review & Grade
Senior Living Communities 401k Plan
Charlotte, NCHealth Care & Social Assistance2,432 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$320Employer $ per active participant
$2,416Employee $ saved per active participant
0.35%Direct admin cost, % of plan assets
$31.3MNet plan assets, end of year
$12,257Average balance per account
Score breakdown
- Employer generosity13.6 / 5027th percentile for employer $ per participant
- Low cost8.9 / 2536th percentile for low admin cost vs. same-size plans
- Employee saving7.2 / 1548th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-18 pts3 issues reported on the filing
Total score22 / 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 | 27th |
| Lower admin cost | 36th |
| Employee saving | 48th |
| Peers that auto-enroll | 36% |
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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 ($236,670 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Auditor disclaimer: the auditor issued a disclaimer of opinion.
Corrective distributions: the plan refunded $57,605 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Maxwell Group put in about $320 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 (0.35% 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.
- The plan auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- 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 | $777,758 |
| Participant (employee) contributions | $5,874,054 |
| Other contributions (incl. rollovers in) | $374,715 |
| Administrative expenses paid from the plan | $101,825 |
| Contract administrator fees | $101,825 |
| Benefits paid out | $6,413,022 |
| Net assets, start / end of year | $27.4M / $31.3M |
| Active participants, start / end of year | 2,368 / 2,495 |
| Participants with account balances | 2,556 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Aapg, LLP |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $118,790 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015154926NAL0010462386001, received 2025-10-15, EIN 56-1660190, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.