Heart of Cardon LLC 401(k) Review & Grade
Heart of Cardon LLC 401(k) Retirement Plan
Fishers, INHealth Care & Social Assistance2,839 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$69Employer $ per active participant
$1,643Employee $ saved per active participant
0.79%Direct admin cost, % of plan assets
$36.7MNet plan assets, end of year
$12,151Average balance per account
Score breakdown
- Employer generosity10.1 / 5020th percentile for employer $ per participant
- Low cost1.7 / 257th percentile for low admin cost vs. same-size plans
- Employee saving5.6 / 1538th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score24 / 100 · Grade F
This plan vs. peers
Peers: Health Care & Social Assistance plans with 2,500–9,999 active participants (312 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 20th |
| Lower admin cost | 7th |
| Employee saving | 38th |
| Peers that auto-enroll | 38% |
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Red flags from the filing
Corrective distributions: the plan refunded $4,932 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Heart of Cardon put in about $69 per active participant, below the typical peer ($800). 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 (0.79% of assets) are well above similar-size plans (0.12%). 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 | $196,361 |
| Participant (employee) contributions | $4,664,294 |
| Other contributions (incl. rollovers in) | $417,989 |
| Administrative expenses paid from the plan | $278,517 |
| Benefits paid out | $5,766,950 |
| Net assets, start / end of year | $33.5M / $36.7M |
| Active participants, start / end of year | 2,955 / 2,723 |
| Participants with account balances | 3,024 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Blue & Co.llc |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company | $278,517 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251008110937NAL0002946211001, received 2025-10-08, EIN 26-1192696, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.