Galen Newco 401(k) Review & Grade
Galen Mental Health 401(k) Plan
Alachua, FLHealth Care & Social Assistance706 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$1,715Employer $ per active participant
$3,465Employee $ saved per active participant
1.18%Direct admin cost, % of plan assets
$10.8MNet plan assets, end of year
$22,318Average balance per account
Score breakdown
- Employer generosity32.7 / 5065th percentile for employer $ per participant
- Low cost1.2 / 255th percentile for low admin cost vs. same-size plans
- Employee saving9.2 / 1562th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score43 / 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 | 65th |
| Lower admin cost | 5th |
| Employee saving | 62th |
| Peers that auto-enroll | 36% |
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Red flags from the filing
Corrective distributions: the plan refunded $6,723 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Galen Newco put in about $1,715 per active participant, more than the typical peer ($976). Contribute at least enough to collect the full match. Skipping it leaves part of your pay on the table.
- 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 (1.18% 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 | $1,209,834 |
| Participant (employee) contributions | $2,444,784 |
| Other contributions (incl. rollovers in) | $201,232 |
| Administrative expenses paid from the plan | $95,967 |
| Investment advisory & management fees | $26,280 |
| Benefits paid out | $1,198,005 |
| Net assets, start / end of year | $5.5M / $10.8M |
| Active participants, start / end of year | 701 / 710 |
| Participants with account balances | 483 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Hays Financial |
Largest service providers (Schedule C)
| Adp, Inc. | $69,687 reported compensation |
| The Hays Financial Group, LLC | $26,279 reported compensation |
| Adp Broker-Dealer | $0 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015230640NAL0006011969001, received 2025-10-16, EIN 87-3475115, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.