Physician Affiliate Group of New York, P.C. (pagny) 401(k) Review & Grade
Physician Affiliate Group of New York Retirement Plan
New York, NYHealth Care & Social Assistance3,493 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$12,411Employer $ per active participant
$14,072Employee $ saved per active participant
0.06%Direct admin cost, % of plan assets
$1.3BNet plan assets, end of year
$275,609Average balance per account
Score breakdown
- Employer generosity49.5 / 5099th percentile for employer $ per participant
- Low cost19.0 / 2576th percentile for low admin cost vs. same-size plans
- Employee saving14.9 / 1599th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score80 / 100 · Grade A
This plan vs. peers
Peers: Health Care & Social Assistance plans with 2,500–9,999 active participants (312 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 99th |
| Lower admin cost | 76th |
| Employee saving | 99th |
| Peers that auto-enroll | 38% |
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Red flags from the filing
Late deposits: the filing says some employee contributions were not sent to the plan on time ($9,366,859 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $27,655 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Physician Affiliate Group of New York, P.C. (pagny) put in about $12,411 per active participant, more than the typical peer ($800). 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.
- 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.
- The plan reported late deposits of employee contributions. Compare your pay stubs with your account statements, and contact the plan administrator if money shows up late.
- 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 | $43,349,905 |
| Participant (employee) contributions | $49,154,601 |
| Other contributions (incl. rollovers in) | $14,045,876 |
| Administrative expenses paid from the plan | $646,465 |
| Contract administrator fees | $1,500 |
| Other admin expenses | $422,851 |
| Benefits paid out | $72,737,596 |
| Net assets, start / end of year | $1.1B / $1.3B |
| Active participants, start / end of year | 3,382 / 3,604 |
| Participants with account balances | 4,585 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Cohnreznick LLP |
Largest service providers (Schedule C)
| Mercer Investments LLC | $422,851 reported compensation |
| Fidelity Investments Institutional | $225,626 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251010163800NAL0008489377001, received 2025-10-10, EIN 90-0603487, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.