Mental Health Care, Inc. 401(k) Review & Grade
Mental Health Care, Inc. 401(k) Plan
Tampa, FLHealth Care & Social Assistance782 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$704Employer $ per active participant
$1,536Employee $ saved per active participant
0.43%Direct admin cost, % of plan assets
$17.1MNet plan assets, end of year
$15,706Average balance per account
Score breakdown
- Employer generosity21.2 / 5042th percentile for employer $ per participant
- Low cost7.1 / 2528th percentile for low admin cost vs. same-size plans
- Employee saving5.1 / 1534th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score33 / 100 · Grade D
This plan vs. peers
Peers: Health Care & Social Assistance plans with 500–2,499 active participants (1,427 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 42th |
| Lower admin cost | 28th |
| Employee saving | 34th |
| Peers that auto-enroll | 36% |
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Red flags from the filing
Corrective distributions: the plan refunded $112,822 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Mental Health Care put in about $704 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 (0.43% 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 | $550,076 |
| Participant (employee) contributions | $1,200,581 |
| Other contributions (incl. rollovers in) | – |
| Administrative expenses paid from the plan | $68,014 |
| Contract administrator fees | $65,664 |
| Other admin expenses | $2,350 |
| Benefits paid out | $1,433,679 |
| Net assets, start / end of year | $14.9M / $17.1M |
| Active participants, start / end of year | 902 / 661 |
| Participants with account balances | 1,089 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Rivero,gordimer & Company, P.A. |
Largest service providers (Schedule C)
| Voya Retirement Insurance & Annuity | $68,014 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251008104805NAL0003206643001, received 2025-10-08, EIN 59-0747306, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.