Freedom Care LLC 401(k) Review & Grade
Freedom Care 401(k) Plan
New Hyde Park, NYHealth Care & Social Assistance51,834 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$9Employer $ per active participant
$121Employee $ saved per active participant
2.38%Direct admin cost, % of plan assets
$23.4MNet plan assets, end of year
$898Average balance per account
Score breakdown
- Employer generosity4.4 / 509th percentile for employer $ per participant
- Low cost0.1 / 250th percentile for low admin cost vs. same-size plans
- Employee saving0.8 / 155th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score0 / 100 · Grade F
This plan vs. peers
Peers: Health Care & Social Assistance plans with 10,000+ active participants (115 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 9th |
| Lower admin cost | 0th |
| Employee saving | 5th |
| Peers that auto-enroll | 52% |
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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 ($214,282 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $46,954 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Freedom Care put in about $9 per active participant, below the typical peer ($2,086). 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 (2.38% of assets) are well above similar-size plans (0.09%). 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 | $484,480 |
| Participant (employee) contributions | $6,247,344 |
| Other contributions (incl. rollovers in) | $1,040,232 |
| Administrative expenses paid from the plan | $484,897 |
| Contract administrator fees | $484,897 |
| Benefits paid out | $3,372,675 |
| Net assets, start / end of year | $17.4M / $23.4M |
| Active participants, start / end of year | 44,012 / 59,655 |
| Participants with account balances | 26,101 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Fasten Halberstam LLP |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $484,897 reported compensation |
| Northwestern Mutual Investment Serv | $69,187 reported compensation |
| Orenda Retirement, LLC | $9,453 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20260129151155NAL0006112416001, received 2026-01-29, EIN 81-0913242, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.