Midwest Recover-Care 401(k) Review & Grade
Midwest Recover-Care 401(k) Plan
Brooklyn, NYHealth Care & Social Assistance3,944 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$94Employer $ per active participant
$450Employee $ saved per active participant
0.97%Direct admin cost, % of plan assets
$9.1MNet plan assets, end of year
–Average balance per account (account count looks misreported)
Score breakdown
- Employer generosity11.6 / 5023th percentile for employer $ per participant
- Low cost1.2 / 255th percentile for low admin cost vs. same-size plans
- Employee saving2.2 / 1515th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score15 / 100 · Grade F
This plan vs. peers
Peers: Health Care & Social Assistance plans with 2,500–9,999 active participants (312 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 23th |
| Lower admin cost | 5th |
| Employee saving | 15th |
| Peers that auto-enroll | 38% |
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Red flags from the filing
Corrective distributions: the plan refunded $39,096 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Midwest Recover-Care put in about $94 per active participant, below the typical peer ($800). 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 (0.97% of assets) are well above similar-size plans (0.12%). 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 | $370,010 |
| Participant (employee) contributions | $1,776,255 |
| Other contributions (incl. rollovers in) | $75,211 |
| Administrative expenses paid from the plan | $78,123 |
| Contract administrator fees | $64,903 |
| Other admin expenses | $300 |
| Benefits paid out | $844,295 |
| Net assets, start / end of year | $7.0M / $9.1M |
| Active participants, start / end of year | 3,320 / 4,569 |
| Participants with account balances | 407 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Fasten Halberstam |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $65,203 reported compensation |
| Cambridge Investment Research | $29,337 reported compensation |
| Parkwood Associates Inc. | $12,920 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251212111326NAL0008803120001, received 2025-12-12, EIN 81-4145433, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.