Thistle Health Inc. 401(k) Review & Grade
Thistle Health Inc. 401(k) Plan
San Francisco, CARetail Trade812 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$28Employer $ per active participant
$734Employee $ saved per active participant
1.98%Direct admin cost, % of plan assets
$2.0MNet plan assets, end of year
–Average balance per account (account count looks misreported)
Score breakdown
- Employer generosity3.6 / 507th percentile for employer $ per participant
- Low cost0.3 / 251th percentile for low admin cost vs. same-size plans
- Employee saving1.4 / 159th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score0 / 100 · Grade F
This plan vs. peers
Peers: Retail Trade plans with 500–2,499 active participants (719 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 7th |
| Lower admin cost | 1th |
| Employee saving | 9th |
| Peers that auto-enroll | 48% |
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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 ($62 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $28,322 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Thistle Health put in about $28 per active participant, below the typical peer ($743). 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 (1.98% 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 | $22,384 |
| Participant (employee) contributions | $596,544 |
| Other contributions (incl. rollovers in) | $26,723 |
| Administrative expenses paid from the plan | $34,033 |
| Contract administrator fees | $25,954 |
| Benefits paid out | $263,261 |
| Net assets, start / end of year | $1.5M / $2.0M |
| Active participants, start / end of year | 949 / 676 |
| Participants with account balances | 196 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Redwitz, Inc |
Largest service providers (Schedule C)
| Vestwell | $34,033 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250919142238NAL0003158400001, received 2025-09-19, EIN 47-1212552, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.