New York Film Academy, LTD. 401(k) Review & Grade
New York Film Academy, LTD 401k Profit Sharing
New York, NYOther Services1,062 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$7Employer $ per active participant
$987Employee $ saved per active participant
0.63%Direct admin cost, % of plan assets
$15.8MNet plan assets, end of year
–Average balance per account (account count looks misreported)
Score breakdown
- Employer generosity3.0 / 506th percentile for employer $ per participant
- Low cost4.0 / 2516th percentile for low admin cost vs. same-size plans
- Employee saving3.7 / 1525th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score11 / 100 · Grade F
This plan vs. peers
Peers: Other Services plans with 500–2,499 active participants (333 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 6th |
| Lower admin cost | 16th |
| Employee saving | 25th |
| Peers that auto-enroll | 40% |
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Red flags from the filing
Corrective distributions: the plan refunded $24,286 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- New York Film Academy put in about $7 per active participant, below the typical peer ($1,257). 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 (0.63% 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 | $7,378 |
| Participant (employee) contributions | $1,048,604 |
| Other contributions (incl. rollovers in) | – |
| Administrative expenses paid from the plan | $93,225 |
| Contract administrator fees | $90,832 |
| Investment advisory & management fees | $2,093 |
| Other admin expenses | $300 |
| Benefits paid out | $489,003 |
| Net assets, start / end of year | $13.6M / $15.8M |
| Active participants, start / end of year | 1,041 / 1,084 |
| Participants with account balances | 455 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Pricekubecka, PLLC |
Largest service providers (Schedule C)
| Voya Retirement Insurance & Annuity | $91,122 reported compensation |
| NFP Retirement Inc | $50,135 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015111225NAL0004378545001, received 2025-10-15, EIN 13-3723331, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.