Hugh Chatham Memorial Hospital, Inc. 401(k) Review & Grade
Hugh Chatham Memorial Hospital, Inc. 401(k) Plan
Elkin, NCHealth Care & Social Assistance929 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$1,022Employer $ per active participant
$4,018Employee $ saved per active participant
0.37%Direct admin cost, % of plan assets
$52.9MNet plan assets, end of year
$45,452Average balance per account
Score breakdown
- Employer generosity25.7 / 5051th percentile for employer $ per participant
- Low cost8.3 / 2533th percentile for low admin cost vs. same-size plans
- Employee saving10.3 / 1569th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score44 / 100 · Grade D
This plan vs. peers
Peers: Health Care & Social Assistance plans with 500–2,499 active participants (1,427 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 51th |
| Lower admin cost | 33th |
| Employee saving | 69th |
| Peers that auto-enroll | 36% |
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Red flags from the filing
Corrective distributions: the plan refunded $2,972 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Hugh Chatham Memorial Hospital put in about $1,022 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 (0.37% 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 | $949,160 |
| Participant (employee) contributions | $3,732,793 |
| Other contributions (incl. rollovers in) | $223,780 |
| Administrative expenses paid from the plan | $184,917 |
| Investment advisory & management fees | $109,905 |
| Benefits paid out | $4,831,613 |
| Net assets, start / end of year | $47.2M / $52.9M |
| Active participants, start / end of year | 914 / 944 |
| Participants with account balances | 1,164 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Forvis Mazars, LLP |
Largest service providers (Schedule C)
| Equitable Advisors LLC | $109,905 reported compensation |
| Fidelity Investments Institutional | $75,012 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251013154012NAL0000777251001, received 2025-10-13, EIN 56-0642846, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.