Care One Management, LLC 401(k) Review & Grade
Care One Management 401(k) Plan
Fort Lee, NJHealth Care & Social Assistance3,500 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$346Employer $ per active participant
$3,269Employee $ saved per active participant
0.30%Direct admin cost, % of plan assets
$119.2MNet plan assets, end of year
$26,571Average balance per account
Score breakdown
- Employer generosity19.3 / 5039th percentile for employer $ per participant
- Low cost5.7 / 2523th percentile for low admin cost vs. same-size plans
- Employee saving8.1 / 1554th percentile for employee $ per participant
- Plan features7 / 10Auto-enrollment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score37 / 100 · Grade D
This plan vs. peers
Peers: Health Care & Social Assistance plans with 2,500–9,999 active participants (312 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 39th |
| Lower admin cost | 23th |
| Employee saving | 54th |
| Peers that auto-enroll | 38% |
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Red flags from the filing
Corrective distributions: the plan refunded $40,663 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Care One Management put in about $346 per active participant, below the typical peer ($800). 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 (0.30% of assets) are well above similar-size plans (0.12%). 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 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 | $1,210,939 |
| Participant (employee) contributions | $11,441,295 |
| Other contributions (incl. rollovers in) | $678,734 |
| Administrative expenses paid from the plan | $335,651 |
| Investment advisory & management fees | $113,225 |
| Benefits paid out | $10,831,320 |
| Net assets, start / end of year | $101.7M / $119.2M |
| Active participants, start / end of year | 3,441 / 3,558 |
| Participants with account balances | 4,487 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Sax LLP |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company O | $222,426 reported compensation |
| Morgan Stanley | $113,225 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014123422NAL0005942642001, received 2025-10-14, EIN 22-3563457, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.