Rxbenefits, Inc. 401(k) Review & Grade
Rxbenefits, Inc. Retirement Savings Plan
Birmingham, ALFinance & Insurance1,015 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$3,172Employer $ per active participant
$8,085Employee $ saved per active participant
0.52%Direct admin cost, % of plan assets
$61.0MNet plan assets, end of year
$51,748Average balance per account
Score breakdown
- Employer generosity21.0 / 5042th percentile for employer $ per participant
- Low cost5.5 / 2522th percentile for low admin cost vs. same-size plans
- Employee saving9.2 / 1561th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score43 / 100 · Grade D
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 42th |
| Lower admin cost | 22th |
| Employee saving | 61th |
| Peers that auto-enroll | 62% |
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Red flags from the filing
Corrective distributions: the plan refunded $1,881 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Rxbenefits put in about $3,172 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.
- Direct plan expenses (0.52% of assets) are well above similar-size plans (0.23%). 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.
- 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 | $3,219,240 |
| Participant (employee) contributions | $8,206,299 |
| Other contributions (incl. rollovers in) | $2,560,830 |
| Administrative expenses paid from the plan | $287,823 |
| Investment advisory & management fees | $162,784 |
| Benefits paid out | $9,938,553 |
| Net assets, start / end of year | $49.7M / $61.0M |
| Active participants, start / end of year | 925 / 1,105 |
| Participants with account balances | 1,178 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Black and Pinckard LLC |
Largest service providers (Schedule C)
| Cambridge Investment Research | $147,880 reported compensation |
| Fidelity Investments Institutional | $112,039 reported compensation |
| Strategic Advisors, Inc. | $14,904 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250710133743NAL0005566049001, received 2025-07-10, EIN 63-1157085, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.