Thekey 401(k) Review & Grade
Thekey 401(k) Plan
La Jolla, CAHealth Care & Social Assistance11,221 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$198Employer $ per active participant
$521Employee $ saved per active participant
0.68%Direct admin cost, % of plan assets
$32.3MNet plan assets, end of year
–Average balance per account (account count looks misreported)
Score breakdown
- Employer generosity10.5 / 5021th percentile for employer $ per participant
- Low cost0.5 / 252th percentile for low admin cost vs. same-size plans
- Employee saving1.7 / 1511th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score13 / 100 · Grade F
This plan vs. peers
Peers: Health Care & Social Assistance plans with 10,000+ active participants (115 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 21th |
| Lower admin cost | 2th |
| Employee saving | 11th |
| Peers that auto-enroll | 52% |
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Red flags from the filing
Corrective distributions: the plan refunded $658,396 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Thekey put in about $198 per active participant, below the typical peer ($2,086). 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 (0.68% of assets) are well above similar-size plans (0.09%). 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 | $2,221,498 |
| Participant (employee) contributions | $5,844,084 |
| Other contributions (incl. rollovers in) | $1,019,122 |
| Administrative expenses paid from the plan | $194,213 |
| Contract administrator fees | $59,908 |
| Investment advisory & management fees | $129,500 |
| Benefits paid out | $4,116,293 |
| Net assets, start / end of year | $24.5M / $32.3M |
| Active participants, start / end of year | 12,894 / 9,548 |
| Participants with account balances | 1,587 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Crawford Pimentel Corporation |
Largest service providers (Schedule C)
| Ascensus LLC | $137,088 reported compensation |
| Sharebuilder Advisor LLC | $129,500 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251007111100NAL0004483025001, received 2025-10-07, EIN 37-1616114, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.