Multiplan, Inc. 401(k) Review & Grade
Multiplan, Inc. 401(k) Plan
Naperville, ILFinance & Insurance2,786 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,707Employer $ per active participant
$7,471Employee $ saved per active participant
0.16%Direct admin cost, % of plan assets
$422.6MNet plan assets, end of year
$132,383Average balance per account
Score breakdown
- Employer generosity5.1 / 5010th percentile for employer $ per participant
- Low cost10.6 / 2542th percentile for low admin cost vs. same-size plans
- Employee saving6.0 / 1540th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score29 / 100 · Grade F
This plan vs. peers
Peers: Finance & Insurance plans with 2,500–9,999 active participants (199 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 10th |
| Lower admin cost | 42th |
| Employee saving | 40th |
| Peers that auto-enroll | 66% |
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Red flags from the filing
Corrective distributions: the plan refunded $1,361 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Multiplan put in about $1,707 per active participant, below the typical peer ($4,489). 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.
- 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.
- 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 | $4,754,556 |
| Participant (employee) contributions | $20,814,830 |
| Other contributions (incl. rollovers in) | $3,423,955 |
| Administrative expenses paid from the plan | $623,907 |
| Contract administrator fees | $482,782 |
| Investment advisory & management fees | $13,042 |
| Benefits paid out | $31,487,740 |
| Net assets, start / end of year | $373.9M / $422.6M |
| Active participants, start / end of year | 2,782 / 2,790 |
| Participants with account balances | 3,192 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Pricewaterhousecoopers LLP |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $482,782 reported compensation |
| Mma Securities LLC | $68,083 reported compensation |
| Pricewaterhousecoopers | $60,000 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251001131426NAL0017845891001, received 2025-10-01, EIN 13-3068979, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.