Ocean Reef Club, Inc. 401(k) Review & Grade
Ocean Reef Club Employee Savings and Retirement Plan
Key Largo, FLAccommodation & Food Services1,044 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,033Employer $ per active participant
$2,681Employee $ saved per active participant
0.44%Direct admin cost, % of plan assets
$38.4MNet plan assets, end of year
$31,575Average balance per account
Score breakdown
- Employer generosity43.5 / 5087th percentile for employer $ per participant
- Low cost6.8 / 2527th percentile for low admin cost vs. same-size plans
- Employee saving13.5 / 1590th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score74 / 100 · Grade B
This plan vs. peers
Peers: Accommodation & Food Services plans with 500–2,499 active participants (458 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 87th |
| Lower admin cost | 27th |
| Employee saving | 90th |
| Peers that auto-enroll | 17% |
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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
- Ocean Reef Club put in about $1,033 per active participant, more than the typical peer ($266). 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.
- Direct plan expenses (0.44% 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 | $1,078,088 |
| Participant (employee) contributions | $2,797,222 |
| Other contributions (incl. rollovers in) | $26,515 |
| Administrative expenses paid from the plan | $157,390 |
| Investment advisory & management fees | $40,000 |
| Other admin expenses | $21,029 |
| Benefits paid out | $2,818,620 |
| Net assets, start / end of year | $32.6M / $38.4M |
| Active participants, start / end of year | 1,054 / 1,033 |
| Participants with account balances | 1,215 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Forvis Mazars LLP |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company | $96,361 reported compensation |
| Everhart Financial Group Inc Everha | $40,000 reported compensation |
| BKD LLP | $21,029 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251003095318NAL0001242561001, received 2025-10-03, EIN 65-0371142, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.