Independence Rehab, LLC 401(k) Review & Grade
Independence Rehab, LLC 401(k) Profit Sharing Plan
Provo, UTHealth Care & Social Assistance1,306 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$1,205Employer $ per active participant
$2,518Employee $ saved per active participant
1.32%Direct admin cost, % of plan assets
$22.7MNet plan assets, end of year
$17,551Average balance per account
Score breakdown
- Employer generosity27.8 / 5056th percentile for employer $ per participant
- Low cost0.9 / 253th percentile for low admin cost vs. same-size plans
- Employee saving7.4 / 1550th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score26 / 100 · Grade F
This plan vs. peers
Peers: Health Care & Social Assistance plans with 500–2,499 active participants (1,427 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 56th |
| Lower admin cost | 3th |
| Employee saving | 50th |
| Peers that auto-enroll | 36% |
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Red flags from the filing
Late deposits: the filing says some employee contributions were not sent to the plan on time ($6,824 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $1,683 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Independence Rehab put in about $1,205 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 (1.32% 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.
- The plan reported late deposits of employee contributions. Compare your pay stubs with your account statements, and contact the plan administrator if money shows up late.
- 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 | $1,573,121 |
| Participant (employee) contributions | $3,288,249 |
| Other contributions (incl. rollovers in) | $182,932 |
| Administrative expenses paid from the plan | $273,331 |
| Benefits paid out | $3,394,618 |
| Net assets, start / end of year | $18.8M / $22.7M |
| Active participants, start / end of year | 1,280 / 1,332 |
| Participants with account balances | 1,293 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Valentine & Caldwell Cpas, PC |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $208,128 reported compensation |
| DWC Erisa Consultants LLC | $77,946 reported compensation |
| Ameriprise Financial Services Inc | $39,359 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251013154751NAL0001653217001, received 2025-10-13, EIN 27-1845798, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.