Neighborhood Health Plan of Rhode Island 401(k) Review & Grade
Neighborhood Health Plan of Rhode Island 401k Plan
Smithfield, RIFinance & Insurance676 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$3,196Employer $ per active participant
$7,406Employee $ saved per active participant
0.23%Direct admin cost, % of plan assets
$63.8MNet plan assets, end of year
$74,941Average balance per account
Score breakdown
- Employer generosity21.4 / 5043th percentile for employer $ per participant
- Low cost12.6 / 2550th percentile for low admin cost vs. same-size plans
- Employee saving8.1 / 1554th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score52 / 100 · Grade C
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 43th |
| Lower admin cost | 50th |
| Employee saving | 54th |
| Peers that auto-enroll | 62% |
Get the monthly 401(k) report card
The best and worst plans, new grades as filings post. One email a month, no spam.
Red flags from the filing
No red flags were reported on this filing's compliance questions.
What to do if you're in this plan
- Neighborhood Health Plan of Rhode Island put in about $3,196 per active participant, below the typical peer ($3,606). 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.
- 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 auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- 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 | $2,158,854 |
| Participant (employee) contributions | $5,002,722 |
| Other contributions (incl. rollovers in) | $821,850 |
| Administrative expenses paid from the plan | $132,796 |
| Investment advisory & management fees | $107,121 |
| Benefits paid out | $5,063,012 |
| Net assets, start / end of year | $53.9M / $63.8M |
| Active participants, start / end of year | 679 / 672 |
| Participants with account balances | 851 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Bdo USA, P.C. |
Largest service providers (Schedule C)
| Icapital LLC | $107,121 reported compensation |
| Schwab Retirement Plan Services,inc | $25,725 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250917161554NAL0000731651001, received 2025-09-17, EIN 05-0477052, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.