Health Connect America 401(k) Review & Grade
Health Connect America Retirement Savings Plan
Franklin, TNHealth Care & Social Assistance1,376 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$175Employer $ per active participant
$1,672Employee $ saved per active participant
1.46%Direct admin cost, % of plan assets
$10.8MNet plan assets, end of year
$4,953Average balance per account
Score breakdown
- Employer generosity10.1 / 5020th percentile for employer $ per participant
- Low cost0.7 / 253th percentile for low admin cost vs. same-size plans
- Employee saving5.5 / 1536th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-10 pts1 issue reported on the filing
Total score9 / 100 · Grade F
This plan vs. peers
Peers: Health Care & Social Assistance plans with 500–2,499 active participants (1,427 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 20th |
| Lower admin cost | 3th |
| Employee saving | 36th |
| Peers that auto-enroll | 36% |
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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 ($800,354 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
- Health Connect America put in about $175 per active participant, below the typical peer ($976). 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 (1.46% 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 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 | $240,699 |
| Participant (employee) contributions | $2,301,924 |
| Other contributions (incl. rollovers in) | $163,066 |
| Administrative expenses paid from the plan | $140,047 |
| Contract administrator fees | $107,577 |
| Investment advisory & management fees | $78 |
| Other admin expenses | $5,250 |
| Benefits paid out | $1,395,875 |
| Net assets, start / end of year | $8.4M / $10.8M |
| Active participants, start / end of year | 1,373 / 1,380 |
| Participants with account balances | 2,175 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Baker Tilly US, LLP |
Largest service providers (Schedule C)
| Cbiz Investment Advisory Services, | $53,503 reported compensation |
| Empower Annuity Insurance Company | $22,439 reported compensation |
| Voya Retirement Insurance & Annuity | $11,960 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015164856NAL0002773171001, received 2025-10-15, EIN 20-3858944, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.