Healthequity, Inc. 401(k) Review & Grade
Healthequity 401(k) Plan
Draper, UTOther Services3,204 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$2,750Employer $ per active participant
$7,206Employee $ saved per active participant
0.12%Direct admin cost, % of plan assets
$297.0MNet plan assets, end of year
$73,833Average balance per account
Score breakdown
- Employer generosity39.0 / 5078th percentile for employer $ per participant
- Low cost12.5 / 2550th percentile for low admin cost vs. same-size plans
- Employee saving12.8 / 1585th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score71 / 100 · Grade B
This plan vs. peers
Peers: Other Services plans with 2,500–9,999 active participants (42 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 78th |
| Lower admin cost | 50th |
| Employee saving | 85th |
| Peers that auto-enroll | 45% |
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Red flags from the filing
Corrective distributions: the plan refunded $15,135 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Healthequity put in about $2,750 per active participant, more than the typical peer ($1,132). 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 | $8,809,943 |
| Participant (employee) contributions | $23,088,531 |
| Other contributions (incl. rollovers in) | $6,339,347 |
| Administrative expenses paid from the plan | $329,218 |
| Investment advisory & management fees | $24,964 |
| Other admin expenses | $1,200 |
| Benefits paid out | $20,015,444 |
| Net assets, start / end of year | $243.4M / $297.0M |
| Active participants, start / end of year | 3,218 / 3,190 |
| Participants with account balances | 4,022 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Squire & Company |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company | $303,064 reported compensation |
| Sageview Advisory Group, LLC | $24,964 reported compensation |
| Qdro Consultants Company, LLC | $1,200 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251013172149NAL0000856787001, received 2025-10-13, EIN 52-2383166, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.