Care Plus Bergen, Inc. 401(k) Review & Grade
401(k) Plan of Care Plus Bergen for Union Employees
Paramus, NJHealth Care & Social Assistance1,866 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$447Employer $ per active participant
$2,959Employee $ saved per active participant
0.44%Direct admin cost, % of plan assets
$78.0MNet plan assets, end of year
$65,149Average balance per account
Score breakdown
- Employer generosity16.1 / 5032th percentile for employer $ per participant
- Low cost6.9 / 2527th percentile for low admin cost vs. same-size plans
- Employee saving8.4 / 1556th percentile for employee $ per participant
- Plan features0 / 10No auto-enrollment or default investment reported
- Red-flag deductions-3 pts1 issue reported on the filing
Total score28 / 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 | 32th |
| Lower admin cost | 27th |
| Employee saving | 56th |
| Peers that auto-enroll | 36% |
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Red flags from the filing
Corrective distributions: the plan refunded $89,644 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Care Plus Bergen put in about $447 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 (0.44% 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 | $834,142 |
| Participant (employee) contributions | $5,520,672 |
| Other contributions (incl. rollovers in) | $607,236 |
| Administrative expenses paid from the plan | $318,316 |
| Contract administrator fees | $201,005 |
| Investment advisory & management fees | $47,301 |
| Other admin expenses | $12,245 |
| Benefits paid out | $4,490,289 |
| Net assets, start / end of year | $67.7M / $78.0M |
| Active participants, start / end of year | 1,856 / 1,876 |
| Participants with account balances | 1,197 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Bdo USA, P.C. |
Largest service providers (Schedule C)
| Tiaa | $258,770 reported compensation |
| Capfinancial Partners, LLC | $47,301 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251009081209NAL0003731251001, received 2025-10-09, EIN 82-2081292, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.