Shearwater Health 401(k) Review & Grade
Shearwater Health 401(k) Plan
Nashville, TNHealth Care & Social Assistance617 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$1,791Employer $ per active participant
$4,946Employee $ saved per active participant
1.17%Direct admin cost, % of plan assets
$9.8MNet plan assets, end of year
$15,737Average balance per account
Score breakdown
- Employer generosity33.6 / 5067th percentile for employer $ per participant
- Low cost1.2 / 255th percentile for low admin cost vs. same-size plans
- Employee saving11.8 / 1579th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-10 pts1 issue reported on the filing
Total score40 / 100 · Grade D
This plan vs. peers
Peers: Health Care & Social Assistance plans with 500–2,499 active participants (1,427 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 67th |
| Lower admin cost | 5th |
| Employee saving | 79th |
| Peers that auto-enroll | 36% |
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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 ($879,673 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
What to do if you're in this plan
- Shearwater Health put in about $1,791 per active participant, more than the typical peer ($976). 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 (1.17% 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 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 | $1,104,982 |
| Participant (employee) contributions | $3,051,770 |
| Other contributions (incl. rollovers in) | $67,958 |
| Administrative expenses paid from the plan | $95,570 |
| Contract administrator fees | $65,335 |
| Investment advisory & management fees | $30,235 |
| Benefits paid out | $1,951,022 |
| Net assets, start / end of year | $6.5M / $9.8M |
| Active participants, start / end of year | 652 / 582 |
| Participants with account balances | 624 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Lbmc, PC |
Largest service providers (Schedule C)
| Gallagher Fiduciary Advisors | $30,235 reported compensation |
| John Hancock Life Insurance Co USA | $4,944 reported compensation |
| John Hancock USA | $0 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250823180017NAL0010950384001, received 2025-08-23, EIN 46-1581578, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.