Hopehealth, Inc. 401(k) Review & Grade
Hopehealth, Inc. 401(k) Safe Harbor Plan
Florence, SCHealth Care & Social Assistance636 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$4,087Employer $ per active participant
$3,523Employee $ saved per active participant
0.54%Direct admin cost, % of plan assets
$32.7MNet plan assets, end of year
$44,199Average balance per account
Score breakdown
- Employer generosity44.0 / 5088th percentile for employer $ per participant
- Low cost5.1 / 2520th percentile for low admin cost vs. same-size plans
- Employee saving9.3 / 1562th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score58 / 100 · Grade C
This plan vs. peers
Peers: Health Care & Social Assistance plans with 500–2,499 active participants (1,427 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 88th |
| Lower admin cost | 20th |
| Employee saving | 62th |
| Peers that auto-enroll | 36% |
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Red flags from the filing
Corrective distributions: the plan refunded $653 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Hopehealth put in about $4,087 per active participant, more than the typical peer ($976). 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.
- Direct plan expenses (0.54% 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.
- 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 | $2,601,541 |
| Participant (employee) contributions | $2,242,457 |
| Other contributions (incl. rollovers in) | $575,045 |
| Administrative expenses paid from the plan | $159,417 |
| Contract administrator fees | $80,587 |
| Investment advisory & management fees | $63,505 |
| Benefits paid out | $1,866,503 |
| Net assets, start / end of year | $26.0M / $32.7M |
| Active participants, start / end of year | 633 / 640 |
| Participants with account balances | 740 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | The Hobbs Group, PA |
Largest service providers (Schedule C)
| Edward D. Jones | $57,732 reported compensation |
| John Hancock Life Insurance Co. USA | $20,865 reported compensation |
| Wilshire Associates Inc | $5,773 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015155714NAL0002591123001, received 2025-10-15, EIN 57-0984427, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.