Seneca Holdings, LLC 401(k) Review & Grade
Seneca Holdings, LLC 401(k) Retirement Savings Plan
Salamanca, NYFinance & Insurance874 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$2,791Employer $ per active participant
$6,734Employee $ saved per active participant
0.39%Direct admin cost, % of plan assets
$41.0MNet plan assets, end of year
$54,155Average balance per account
Score breakdown
- Employer generosity17.6 / 5035th percentile for employer $ per participant
- Low cost7.9 / 2532th percentile for low admin cost vs. same-size plans
- Employee saving6.9 / 1546th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score35 / 100 · Grade D
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 35th |
| Lower admin cost | 32th |
| Employee saving | 46th |
| Peers that auto-enroll | 62% |
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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
- Seneca Holdings put in about $2,791 per active participant, below the typical peer ($3,606). 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 (0.39% 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 | $2,438,013 |
| Participant (employee) contributions | $5,881,927 |
| Other contributions (incl. rollovers in) | $3,560,109 |
| Administrative expenses paid from the plan | $133,715 |
| Contract administrator fees | $72,409 |
| Investment advisory & management fees | $57,916 |
| Benefits paid out | $3,713,308 |
| Net assets, start / end of year | $28.5M / $41.0M |
| Active participants, start / end of year | 723 / 1,024 |
| Participants with account balances | 757 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | R.a. Mercer & Co PC |
Largest service providers (Schedule C)
| Global Retirement Partners LLC | $57,916 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250714093502NAL0001225232001, received 2025-07-14, EIN 94-3471520, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.