Mfa Benefits LLC 401(k) Review & Grade
Mfa 401(k) Plan
Lakewood, NJHealth Care & Social Assistance10,726 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$104Employer $ per active participant
$766Employee $ saved per active participant
0.41%Direct admin cost, % of plan assets
$100.5MNet plan assets, end of year
–Average balance per account (account count looks misreported)
Score breakdown
- Employer generosity7.5 / 5015th percentile for employer $ per participant
- Low cost1.3 / 255th percentile for low admin cost vs. same-size plans
- Employee saving2.4 / 1516th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score11 / 100 · Grade F
This plan vs. peers
Peers: Health Care & Social Assistance plans with 10,000+ active participants (115 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 15th |
| Lower admin cost | 5th |
| Employee saving | 16th |
| Peers that auto-enroll | 52% |
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Red flags from the filing
Corrective distributions: the plan refunded $42,619 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Mfa Benefits put in about $104 per active participant, below the typical peer ($2,086). 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 (0.41% of assets) are well above similar-size plans (0.09%). 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 | $1,110,716 |
| Participant (employee) contributions | $8,210,548 |
| Other contributions (incl. rollovers in) | $1,461,042 |
| Administrative expenses paid from the plan | $392,540 |
| Contract administrator fees | $26,899 |
| Investment advisory & management fees | $196,811 |
| Other admin expenses | $20,000 |
| Benefits paid out | $12,929,415 |
| Net assets, start / end of year | $92.4M / $100.5M |
| Active participants, start / end of year | 7,625 / 13,826 |
| Participants with account balances | 3,408 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | GGM Associates Inc |
Largest service providers (Schedule C)
| Fidelity Workplace Services, LLC | $164,230 reported compensation |
| Able Wealth Management LLC | $119,336 reported compensation |
| Cambridge Investment Research | $70,589 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251006133751NAL0003702849001, received 2025-10-06, EIN 54-1278483, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.