Cardinal Senior Management LLC 401(k) Review & Grade
Cardinal Senior Management 401(k) Plan
Grand Rapids, MIHealth Care & Social Assistance795 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$70Employer $ per active participant
$271Employee $ saved per active participant
1.61%Direct admin cost, % of plan assets
$964,151Net plan assets, end of year
–Average balance per account (account count looks misreported)
Score breakdown
- Employer generosity6.6 / 5013th percentile for employer $ per participant
- Low cost0.6 / 252th percentile for low admin cost vs. same-size plans
- Employee saving0.9 / 156th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score11 / 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 | 13th |
| Lower admin cost | 2th |
| Employee saving | 6th |
| 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
- Cardinal Senior Management put in about $70 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 (1.61% 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 | $55,541 |
| Participant (employee) contributions | $215,367 |
| Other contributions (incl. rollovers in) | $45,050 |
| Administrative expenses paid from the plan | $13,706 |
| Benefits paid out | $201,227 |
| Net assets, start / end of year | $738,946 / $964,151 |
| Active participants, start / end of year | 631 / 959 |
| Participants with account balances | 139 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Plante Moran |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company | $12,295 reported compensation |
| Global Retirement Partners LLC | $4,062 reported compensation |
| M2b Retirement Consulting LLC | $1,400 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250922104058NAL0005094081001, received 2025-09-22, EIN 47-3686652, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.