Nyack Hospital 401(k) Review & Grade
Nyack Hospital Retirement Savings Plan
Nyack, NYHealth Care & Social Assistance844 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$2,607Employer $ per active participant
$2,124Employee $ saved per active participant
0.22%Direct admin cost, % of plan assets
$98.0MNet plan assets, end of year
$75,799Average balance per account
Score breakdown
- Employer generosity39.2 / 5078th percentile for employer $ per participant
- Low cost12.8 / 2551th percentile for low admin cost vs. same-size plans
- Employee saving6.5 / 1543th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score49 / 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 | 78th |
| Lower admin cost | 51th |
| Employee saving | 43th |
| 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 ($1,614,279 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $9,490 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Nyack Hospital put in about $2,607 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 | $2,201,410 |
| Participant (employee) contributions | $1,793,539 |
| Other contributions (incl. rollovers in) | – |
| Administrative expenses paid from the plan | $208,234 |
| Investment advisory & management fees | $75,000 |
| Benefits paid out | $7,308,890 |
| Net assets, start / end of year | $91.9M / $98.0M |
| Active participants, start / end of year | 858 / 831 |
| Participants with account balances | 1,293 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | PKF O'connor Davies, LLP |
Largest service providers (Schedule C)
| Transamerica Retirement Solutions | $133,234 reported compensation |
| Raymond James & Associates, Inc. | $75,000 reported compensation |
| National Financial Services | $0 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250915110101NAL0000670499001, received 2025-09-15, EIN 13-1740119, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.