Patient First Corporation 401(k) Review & Grade
Patient First 401(k) Plan
Glen Allen, VAHealth Care & Social Assistance3,794 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,765Employer $ per active participant
$5,459Employee $ saved per active participant
0.13%Direct admin cost, % of plan assets
$286.3MNet plan assets, end of year
$58,919Average balance per account
Score breakdown
- Employer generosity32.8 / 5066th percentile for employer $ per participant
- Low cost12.1 / 2548th percentile for low admin cost vs. same-size plans
- Employee saving11.5 / 1577th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-10 pts1 issue reported on the filing
Total score56 / 100 · Grade C
This plan vs. peers
Peers: Health Care & Social Assistance plans with 2,500–9,999 active participants (312 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 66th |
| Lower admin cost | 48th |
| Employee saving | 77th |
| Peers that auto-enroll | 38% |
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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 ($6,087 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
- Patient First put in about $1,765 per active participant, more than the typical peer ($800). 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 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 | $6,693,697 |
| Participant (employee) contributions | $20,708,082 |
| Other contributions (incl. rollovers in) | $2,663,464 |
| Administrative expenses paid from the plan | $341,035 |
| Contract administrator fees | $341,035 |
| Benefits paid out | $21,438,509 |
| Net assets, start / end of year | $245.2M / $286.3M |
| Active participants, start / end of year | 3,834 / 3,753 |
| Participants with account balances | 4,859 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Clarkson David CPA PC |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $345,828 reported compensation |
| Wilshire Advisors LLC | $0 reported compensation |
| Morningstar Investment Management | $0 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20260814143007NAL0012455233002, received 2026-08-14, EIN 54-1353272, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.