The Essex Group Inc. 401(k) Review & Grade
The Essex Group Inc. 401k Profit Sharing Plan & Trust
Rowley, MAHealth Care & Social Assistance888 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$0Employer $ per active participant
$371Employee $ saved per active participant
1.24%Direct admin cost, % of plan assets
$4.6MNet plan assets, end of year
–Average balance per account (account count looks misreported)
Score breakdown
- Employer generosity3.1 / 506th percentile for employer $ per participant
- Low cost1.0 / 254th percentile for low admin cost vs. same-size plans
- Employee saving1.1 / 157th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score8 / 100 · Grade F
This plan vs. peers
Peers: Health Care & Social Assistance plans with 500–2,499 active participants (1,427 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 6th |
| Lower admin cost | 4th |
| Employee saving | 7th |
| Peers that auto-enroll | 36% |
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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
- Essex Group put in about $0 per active participant, below the typical peer ($976). 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 (1.24% 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 | $84 |
| Participant (employee) contributions | $328,897 |
| Other contributions (incl. rollovers in) | $3,787 |
| Administrative expenses paid from the plan | $54,536 |
| Contract administrator fees | $9,123 |
| Investment advisory & management fees | $44,923 |
| Other admin expenses | $490 |
| Benefits paid out | $366,985 |
| Net assets, start / end of year | $4.2M / $4.6M |
| Active participants, start / end of year | 773 / 1,002 |
| Participants with account balances | 120 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Baker Tilly |
Largest service providers (Schedule C)
| Gail Wakefield Key Consulting | $27,601 reported compensation |
| Benefit Plans Admin Services Inc | $26,934 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014085244NAL0003461008001, received 2025-10-14, EIN 04-2557391, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.