Galena Associates, LLC 401(k) Review & Grade
Galena Associates 401(k) Plan
Farmington, CTOther Services972 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$762Employer $ per active participant
$1,968Employee $ saved per active participant
0.60%Direct admin cost, % of plan assets
$15.8MNet plan assets, end of year
$13,757Average balance per account
Score breakdown
- Employer generosity18.2 / 5036th percentile for employer $ per participant
- Low cost4.4 / 2517th percentile for low admin cost vs. same-size plans
- Employee saving6.0 / 1540th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score39 / 100 · Grade D
This plan vs. peers
Peers: Other Services plans with 500–2,499 active participants (333 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 36th |
| Lower admin cost | 17th |
| Employee saving | 40th |
| Peers that auto-enroll | 40% |
Get the monthly 401(k) report card
The best and worst plans, new grades as filings post. One email a month, no spam.
Red flags from the filing
No red flags were reported on this filing's compliance questions.
What to do if you're in this plan
- Galena Associates put in about $762 per active participant, below the typical peer ($1,257). 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 (0.60% 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.
- The plan auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- 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 | $740,287 |
| Participant (employee) contributions | $1,911,620 |
| Other contributions (incl. rollovers in) | $111,141 |
| Administrative expenses paid from the plan | $85,465 |
| Contract administrator fees | $85,465 |
| Benefits paid out | $1,071,941 |
| Net assets, start / end of year | $12.6M / $15.8M |
| Active participants, start / end of year | 843 / 1,100 |
| Participants with account balances | 1,152 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Cliftonlarsonallen LLP |
Largest service providers (Schedule C)
| Ascensus LLC | $85,465 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251013142106NAL0000709779001, received 2025-10-13, EIN 04-3326294, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.