Included Health, Inc. 401(k) Review & Grade
Included Health 401(k) Plan
San Francisco, CAHealth Care & Social Assistance2,120 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$4Employer $ per active participant
$7,554Employee $ saved per active participant
0.22%Direct admin cost, % of plan assets
$112.1MNet plan assets, end of year
$46,938Average balance per account
Score breakdown
- Employer generosity4.1 / 508th percentile for employer $ per participant
- Low cost12.8 / 2551th percentile for low admin cost vs. same-size plans
- Employee saving14.1 / 1594th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score38 / 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 | 8th |
| Lower admin cost | 51th |
| Employee saving | 94th |
| Peers that auto-enroll | 36% |
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Red flags from the filing
Corrective distributions: the plan refunded $9,828 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Included Health put in about $4 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.
- 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 | $8,999 |
| Participant (employee) contributions | $16,018,794 |
| Other contributions (incl. rollovers in) | $3,758,694 |
| Administrative expenses paid from the plan | $226,801 |
| Investment advisory & management fees | $88,242 |
| Benefits paid out | $14,998,331 |
| Net assets, start / end of year | $93.6M / $112.1M |
| Active participants, start / end of year | 2,219 / 2,022 |
| Participants with account balances | 2,389 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Pension Assurance LLP |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $138,824 reported compensation |
| Mma Securities | $71,010 reported compensation |
| Strategic Advisors, Inc. | $17,232 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015113154NAL0002330291001, received 2025-10-15, EIN 45-3580052, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.