Great Minds PBC 401(k) Review & Grade
Great Minds PBC 401k Plan
Washington, DCEducational Services1,292 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$4,788Employer $ per active participant
$8,142Employee $ saved per active participant
0.21%Direct admin cost, % of plan assets
$79.6MNet plan assets, end of year
$61,839Average balance per account
Score breakdown
- Employer generosity47.2 / 5094th percentile for employer $ per participant
- Low cost13.1 / 2553th percentile for low admin cost vs. same-size plans
- Employee saving13.4 / 1590th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score81 / 100 · Grade A
This plan vs. peers
Peers: Educational Services plans with 500–2,499 active participants (144 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 94th |
| Lower admin cost | 53th |
| Employee saving | 90th |
| Peers that auto-enroll | 37% |
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Red flags from the filing
Corrective distributions: the plan refunded $1,055 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Great Minds PBC put in about $4,788 per active participant, more than the typical peer ($1,225). 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.
- Fund expense ratios aren't in the filing. Look them up in your 404(a)(5) fee disclosure and favor low-cost index or target-date funds.
- 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 | $6,188,121 |
| Participant (employee) contributions | $10,523,905 |
| Other contributions (incl. rollovers in) | $1,356,032 |
| Administrative expenses paid from the plan | $147,467 |
| Contract administrator fees | $114,776 |
| Investment advisory & management fees | $32,691 |
| Benefits paid out | $9,094,438 |
| Net assets, start / end of year | $60.6M / $79.6M |
| Active participants, start / end of year | 1,382 / 1,203 |
| Participants with account balances | 1,287 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | RSM US LLP |
Largest service providers (Schedule C)
| John Hancock | $117,467 reported compensation |
| Alliant Retirement Services, LLC | $30,000 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251010161050NAL0012973792001, received 2025-10-10, EIN 84-3785772, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.