New Perspective Senior Living, LLC 401(k) Review & Grade
New Perspective Senior Living 401(k) Plan
Minnetonka, MNHealth Care & Social Assistance1,740 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$882Employer $ per active participant
$1,729Employee $ saved per active participant
1.79%Direct admin cost, % of plan assets
$15.9MNet plan assets, end of year
$6,670Average balance per account
Score breakdown
- Employer generosity23.8 / 5048th percentile for employer $ per participant
- Low cost0.4 / 252th percentile for low admin cost vs. same-size plans
- Employee saving5.6 / 1537th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score40 / 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 | 48th |
| Lower admin cost | 2th |
| Employee saving | 37th |
| Peers that auto-enroll | 36% |
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Red flags from the filing
No red flags were reported on this filing's compliance questions.
What to do if you're in this plan
- New Perspective Senior Living put in about $882 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 (1.79% 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.
- 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 | $1,534,176 |
| Participant (employee) contributions | $3,008,374 |
| Other contributions (incl. rollovers in) | $120,003 |
| Administrative expenses paid from the plan | $244,078 |
| Investment advisory & management fees | $185,145 |
| Benefits paid out | $1,638,761 |
| Net assets, start / end of year | $11.5M / $15.9M |
| Active participants, start / end of year | 1,750 / 1,730 |
| Participants with account balances | 2,380 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Copeland Buhl & Company Pllp |
Largest service providers (Schedule C)
| Alerus Financial, N.A. | $185,145 reported compensation |
| Hays Companies, Inc. | $58,933 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251002141543NAL0000594177001, received 2025-10-02, EIN 61-1572941, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.