National Heritage Academies, Inc. 401(k) Review & Grade
National Heritage Academies, Inc. Retirement Savings Plan
Grand Rapids, MIEducational Services6,717 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,283Employer $ per active participant
$3,466Employee $ saved per active participant
0.31%Direct admin cost, % of plan assets
$307.3MNet plan assets, end of year
$33,363Average balance per account
Score breakdown
- Employer generosity30.3 / 5061th percentile for employer $ per participant
- Low cost5.4 / 2522th percentile for low admin cost vs. same-size plans
- Employee saving8.6 / 1558th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score41 / 100 · Grade D
This plan vs. peers
Peers: Educational Services plans with 2,500–9,999 active participants (34 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 61th |
| Lower admin cost | 22th |
| Employee saving | 58th |
| Peers that auto-enroll | 65% |
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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 ($10,759 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $1,259 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- National Heritage Academies put in about $1,283 per active participant, more than the typical peer ($1,155). 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 (0.31% 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.
- The plan auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- 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 | $8,621,170 |
| Participant (employee) contributions | $23,284,242 |
| Other contributions (incl. rollovers in) | $1,727,142 |
| Administrative expenses paid from the plan | $888,925 |
| Contract administrator fees | $785,360 |
| Investment advisory & management fees | $91,665 |
| Benefits paid out | $30,955,277 |
| Net assets, start / end of year | $265.3M / $307.3M |
| Active participants, start / end of year | 6,719 / 6,715 |
| Participants with account balances | 9,210 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Hungerford |
Largest service providers (Schedule C)
| John Hancock | $795,025 reported compensation |
| Stiefel Nicolaus & Company, Inc. | $82,000 reported compensation |
| Hungerford Nichols | $11,900 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250922133318NAL0005296289001, received 2025-09-22, EIN 38-3244019, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.