Charter Senior Living, LLC 401(k) Review & Grade
Charter Senior Living 401(k) Plan
Naperville, ILHealth Care & Social Assistance2,506 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$232Employer $ per active participant
$420Employee $ saved per active participant
0.88%Direct admin cost, % of plan assets
$5.7MNet plan assets, end of year
–Average balance per account (account count looks misreported)
Score breakdown
- Employer generosity15.9 / 5032th percentile for employer $ per participant
- Low cost1.4 / 256th percentile for low admin cost vs. same-size plans
- Employee saving2.1 / 1514th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-10 pts1 issue reported on the filing
Total score12 / 100 · Grade F
This plan vs. peers
Peers: Health Care & Social Assistance plans with 2,500–9,999 active participants (312 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 32th |
| Lower admin cost | 6th |
| Employee saving | 14th |
| Peers that auto-enroll | 38% |
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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 ($10,106 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
What to do if you're in this plan
- Charter Senior Living put in about $232 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 (0.88% 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 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 | $580,098 |
| Participant (employee) contributions | $1,051,637 |
| Other contributions (incl. rollovers in) | $333,958 |
| Administrative expenses paid from the plan | $42,008 |
| Investment advisory & management fees | $42,008 |
| Benefits paid out | $593,026 |
| Net assets, start / end of year | $3.8M / $5.7M |
| Active participants, start / end of year | 3,243 / 1,768 |
| Participants with account balances | 462 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Armanino LLP |
Largest service providers (Schedule C)
| Osaic Wealth, Inc. | $13,123 reported compensation |
| LPL Financial Corporation Rpcp | $5,595 reported compensation |
| Pension Consultants Inc | $2,370 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20260326134747NAL0007019843001, received 2026-03-26, EIN 81-1955685, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.