Schmidt Wallace Healthcare Management Company 401(k) Review & Grade
Schmidt Wallace Healthcare Management Company, Inc. 401(k) Retirement Savings
Montgomery, ALHealth Care & Social Assistance918 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$822Employer $ per active participant
$1,269Employee $ saved per active participant
0.77%Direct admin cost, % of plan assets
$19.1MNet plan assets, end of year
$34,757Average balance per account
Score breakdown
- Employer generosity23.0 / 5046th percentile for employer $ per participant
- Low cost2.7 / 2511th percentile for low admin cost vs. same-size plans
- Employee saving4.3 / 1529th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score33 / 100 · Grade D
This plan vs. peers
Peers: Health Care & Social Assistance plans with 500–2,499 active participants (1,427 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 46th |
| Lower admin cost | 11th |
| Employee saving | 29th |
| Peers that auto-enroll | 36% |
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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
- Schmidt Wallace Healthcare Management put in about $822 per active participant, below the typical peer ($976). 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 (0.77% 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.
- 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 | $753,952 |
| Participant (employee) contributions | $1,164,655 |
| Other contributions (incl. rollovers in) | $9,699 |
| Administrative expenses paid from the plan | $140,767 |
| Contract administrator fees | $140,767 |
| Benefits paid out | $2,561,170 |
| Net assets, start / end of year | $17.6M / $19.1M |
| Active participants, start / end of year | 960 / 875 |
| Participants with account balances | 549 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Carr Riggs and Ingram |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $140,767 reported compensation |
| Concourse Financial Group Securitie | $3,027 reported compensation |
| Wilshire Advisors LLC | $0 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014171153NAL0003477169001, received 2025-10-14, EIN 63-1278870, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.