Midwest Physician Administrative Services, LLC, D/B/A Duly Health and 401(k) Review & Grade
Duly Health and Care 401(k) Plan
Downers Grove, ILHealth Care & Social Assistance6,983 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$2,009Employer $ per active participant
$8,195Employee $ saved per active participant
0.05%Direct admin cost, % of plan assets
$1.1BNet plan assets, end of year
$132,826Average balance per account
Score breakdown
- Employer generosity34.9 / 5070th percentile for employer $ per participant
- Low cost19.3 / 2577th percentile for low admin cost vs. same-size plans
- Employee saving13.8 / 1592th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score65 / 100 · Grade B
This plan vs. peers
Peers: Health Care & Social Assistance plans with 2,500–9,999 active participants (312 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 70th |
| Lower admin cost | 77th |
| Employee saving | 92th |
| Peers that auto-enroll | 38% |
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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 ($30,676 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $30,118 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Midwest Physician Administrative Services, LLC, D/B/A Duly Health and put in about $2,009 per active participant, more than the typical peer ($800). Contribute at least enough to collect the full match. Skipping it leaves part of your pay on the table.
- 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.
- Fund expense ratios aren't in the filing. Look them up in your 404(a)(5) fee disclosure and favor low-cost index or target-date funds.
- 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 | $14,030,023 |
| Participant (employee) contributions | $57,225,904 |
| Other contributions (incl. rollovers in) | $5,900,348 |
| Administrative expenses paid from the plan | $567,292 |
| Investment advisory & management fees | $179,709 |
| Benefits paid out | $97,632,137 |
| Net assets, start / end of year | $1.0B / $1.1B |
| Active participants, start / end of year | 7,381 / 6,585 |
| Participants with account balances | 8,602 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Topel Forman, LLC |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company | $367,918 reported compensation |
| Merrill Lynch Pierce Fenner & Smith | $117,954 reported compensation |
| CWM LLC | $64,774 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250930105315NAL0016384179001, received 2025-09-30, EIN 45-3237183, plan #004, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.