Midwest Vision Partners Management Holdings, LLC 401(k) Review & Grade
Midwest Vision Partners 401(k) Plan
Chicago, ILHealth Care & Social Assistance1,412 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$1,775Employer $ per active participant
$3,481Employee $ saved per active participant
0.34%Direct admin cost, % of plan assets
$57.8MNet plan assets, end of year
$51,442Average balance per account
Score breakdown
- Employer generosity33.4 / 5067th percentile for employer $ per participant
- Low cost8.9 / 2536th percentile for low admin cost vs. same-size plans
- Employee saving9.2 / 1562th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-10 pts1 issue reported on the filing
Total score45 / 100 · Grade C
This plan vs. peers
Peers: Health Care & Social Assistance plans with 500–2,499 active participants (1,427 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 67th |
| Lower admin cost | 36th |
| Employee saving | 62th |
| 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 ($149,787 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
What to do if you're in this plan
- Midwest Vision Partners Management Holdings put in about $1,775 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.
- 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 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 | $2,507,313 |
| Participant (employee) contributions | $4,917,489 |
| Other contributions (incl. rollovers in) | $148,963 |
| Administrative expenses paid from the plan | $181,187 |
| Contract administrator fees | $103,238 |
| Investment advisory & management fees | $77,949 |
| Benefits paid out | $4,007,714 |
| Net assets, start / end of year | $47.6M / $57.8M |
| Active participants, start / end of year | 1,397 / 1,428 |
| Participants with account balances | 1,123 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Corrigan Krause |
Largest service providers (Schedule C)
| The Vanguard Group, Inc. | $103,238 reported compensation |
| Kestra Advisory Services. | $77,949 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250926180524NAL0004137507001, received 2025-09-26, EIN 83-4609074, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.