Ophthalmic Consultants of Long Island 401(k) Review & Grade
Ophthalmic Consultants of Long Island 401k Plan
Garden City, NYHealth Care & Social Assistance1,124 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$655Employer $ per active participant
$4,118Employee $ saved per active participant
0.12%Direct admin cost, % of plan assets
$78.4MNet plan assets, end of year
$101,642Average balance per account
Score breakdown
- Employer generosity20.4 / 5041th percentile for employer $ per participant
- Low cost17.5 / 2570th percentile for low admin cost vs. same-size plans
- Employee saving10.5 / 1570th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score51 / 100 · Grade C
This plan vs. peers
Peers: Health Care & Social Assistance plans with 500–2,499 active participants (1,427 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 41th |
| Lower admin cost | 70th |
| Employee saving | 70th |
| 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
- Ophthalmic Consultants of Long Island put in about $655 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.
- 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.
- 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 | $735,809 |
| Participant (employee) contributions | $4,628,217 |
| Other contributions (incl. rollovers in) | $3,183,064 |
| Administrative expenses paid from the plan | $84,088 |
| Contract administrator fees | $64,051 |
| Benefits paid out | $4,469,697 |
| Net assets, start / end of year | $63.5M / $78.4M |
| Active participants, start / end of year | 1,152 / 1,096 |
| Participants with account balances | 771 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Baker Tilly US, LLP |
Largest service providers (Schedule C)
| Ascensus LLC | $64,051 reported compensation |
| Baker Tilly US, LLP. | $20,037 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251010142640NAL0013314208001, received 2025-10-10, EIN 11-2498332, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.