Med-Smart, Inc. 401(k) Review & Grade
Med-Smart, Inc. 401k Plan
Henderson, NVHealth Care & Social Assistance526 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$190Employer $ per active participant
$2,696Employee $ saved per active participant
0.64%Direct admin cost, % of plan assets
$13.3MNet plan assets, end of year
$43,705Average balance per account
Score breakdown
- Employer generosity10.5 / 5021th percentile for employer $ per participant
- Low cost3.8 / 2515th percentile for low admin cost vs. same-size plans
- Employee saving7.9 / 1553th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue 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 | 21th |
| Lower admin cost | 15th |
| Employee saving | 53th |
| Peers that auto-enroll | 36% |
Get the monthly 401(k) report card
The best and worst plans, new grades as filings post. One email a month, no spam.
Red flags from the filing
Corrective distributions: the plan refunded $29,590 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Med-Smart put in about $190 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 (0.64% 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 | $100,000 |
| Participant (employee) contributions | $1,419,535 |
| Other contributions (incl. rollovers in) | $47,785 |
| Administrative expenses paid from the plan | $78,928 |
| Contract administrator fees | $2,850 |
| Investment advisory & management fees | $76,078 |
| Benefits paid out | $1,073,955 |
| Net assets, start / end of year | $11.2M / $13.3M |
| Active participants, start / end of year | 523 / 530 |
| Participants with account balances | 304 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Velez & Hardy Cpas |
Largest service providers (Schedule C)
| John Hancock Life Insurance Company | $2,714 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250909183810NAL0034498976001, received 2025-09-09, EIN 88-0447584, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.