Success Academy Charter Schools 401(k) Review & Grade
Success Academy Charter Schools Retirement Plan
New York, NYEducational Services2,782 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,327Employer $ per active participant
$3,359Employee $ saved per active participant
0.17%Direct admin cost, % of plan assets
$134.8MNet plan assets, end of year
$23,577Average balance per account
Score breakdown
- Employer generosity34.8 / 5070th percentile for employer $ per participant
- Low cost9.8 / 2539th percentile for low admin cost vs. same-size plans
- Employee saving6.4 / 1542th percentile for employee $ per participant
- Plan features7 / 10Auto-enrollment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score55 / 100 · Grade C
This plan vs. peers
Peers: Educational Services plans with 2,500–9,999 active participants (34 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 70th |
| Lower admin cost | 39th |
| Employee saving | 42th |
| Peers that auto-enroll | 65% |
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Red flags from the filing
Corrective distributions: the plan refunded $2,496 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Success Academy Charter Schools put in about $1,327 per active participant, more than the typical peer ($1,155). 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.
- 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 | $3,692,141 |
| Participant (employee) contributions | $9,343,995 |
| Other contributions (incl. rollovers in) | $720,294 |
| Administrative expenses paid from the plan | $221,693 |
| Investment advisory & management fees | $32,500 |
| Benefits paid out | $15,186,757 |
| Net assets, start / end of year | $119.5M / $134.8M |
| Active participants, start / end of year | 2,358 / 3,205 |
| Participants with account balances | 5,716 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Bdo USA, PC |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company | $189,193 reported compensation |
| Ubs Financial Services | $32,500 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20260327135307NAL0003543891001, received 2026-03-27, EIN 20-5298861, plan #001, plan year 2024-07-01 to 2025-06-30. Verify at efast.dol.gov.