Carelinc Medical Equipment & Supply Co., LLC 401(k) Review & Grade
Carelinc 401(k) Plan
Grand Rapids, MIHealth Care & Social Assistance667 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$714Employer $ per active participant
$2,613Employee $ saved per active participant
0.56%Direct admin cost, % of plan assets
$19.4MNet plan assets, end of year
$31,516Average balance per account
Score breakdown
- Employer generosity21.5 / 5043th percentile for employer $ per participant
- Low cost4.9 / 2519th percentile for low admin cost vs. same-size plans
- Employee saving7.7 / 1551th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score34 / 100 · Grade D
This plan vs. peers
Peers: Health Care & Social Assistance plans with 500–2,499 active participants (1,427 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 43th |
| Lower admin cost | 19th |
| Employee saving | 51th |
| Peers that auto-enroll | 36% |
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Red flags from the filing
Corrective distributions: the plan refunded $64 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Carelinc Medical Equipment & Supply Co. put in about $714 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 (0.56% 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 | $476,405 |
| Participant (employee) contributions | $1,742,657 |
| Other contributions (incl. rollovers in) | $310,969 |
| Administrative expenses paid from the plan | $101,512 |
| Contract administrator fees | $48,804 |
| Investment advisory & management fees | $52,708 |
| Benefits paid out | $2,233,974 |
| Net assets, start / end of year | $16.6M / $19.4M |
| Active participants, start / end of year | 568 / 766 |
| Participants with account balances | 614 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Plante & Moran PLLC |
Largest service providers (Schedule C)
| John Hancock | $50,779 reported compensation |
| LPL Financial LLC - Rpcp | $50,733 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251009052238NAL0010357776001, received 2025-10-09, EIN 38-3378161, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.