Samuel Merritt University 401(k) Review & Grade
Samuel Merritt University 403(b) Plan
Oakland, CAEducational Services733 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$3,560Employer $ per active participant
$5,526Employee $ saved per active participant
0.00%Direct admin cost, % of plan assets
$101.2MNet plan assets, end of year
$109,406Average balance per account
Score breakdown
- Employer generosity44.4 / 5089th percentile for employer $ per participant
- Low cost25.0 / 25100th percentile for low admin cost vs. same-size plans
- Employee saving12.3 / 1582th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score79 / 100 · Grade A
This plan vs. peers
Peers: Educational Services plans with 500–2,499 active participants (144 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 89th |
| Lower admin cost | 100th |
| Employee saving | 82th |
| Peers that auto-enroll | 37% |
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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 ($22,877 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $23,321 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Samuel Merritt University put in about $3,560 per active participant, more than the typical peer ($1,225). 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 | $2,609,375 |
| Participant (employee) contributions | $4,050,594 |
| Other contributions (incl. rollovers in) | $653,206 |
| Administrative expenses paid from the plan | $175 |
| Contract administrator fees | $175 |
| Benefits paid out | $9,996,745 |
| Net assets, start / end of year | $90.1M / $101.2M |
| Active participants, start / end of year | 711 / 755 |
| Participants with account balances | 925 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Hood & Strong, LLP |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251009113037NAL0011363392001, received 2025-10-09, EIN 94-2992642, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.