Shore Memorial Hospital DBA Shore Medical Center 401(k) Review & Grade
Shore Medical Center 401(k) Savings and Retirement Plan
Somers Point, NJHealth Care & Social Assistance1,298 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,239Employer $ per active participant
$3,323Employee $ saved per active participant
0.35%Direct admin cost, % of plan assets
$57.9MNet plan assets, end of year
$30,359Average balance per account
Score breakdown
- Employer generosity28.1 / 5056th percentile for employer $ per participant
- Low cost8.9 / 2536th percentile for low admin cost vs. same-size plans
- Employee saving9.0 / 1560th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score56 / 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 | 56th |
| Lower admin cost | 36th |
| Employee saving | 60th |
| 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
- Shore Memorial Hospital DBA Shore Medical Center put in about $1,239 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.
- Direct plan expenses (0.35% 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 | $1,607,353 |
| Participant (employee) contributions | $4,311,034 |
| Other contributions (incl. rollovers in) | $1,398,437 |
| Administrative expenses paid from the plan | $186,553 |
| Investment advisory & management fees | $69,273 |
| Benefits paid out | $5,925,377 |
| Net assets, start / end of year | $49.9M / $57.9M |
| Active participants, start / end of year | 1,285 / 1,310 |
| Participants with account balances | 1,908 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Grant Thornton |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company | $117,280 reported compensation |
| Janney Montgomery Scott LLC | $63,543 reported compensation |
| Empower Advisory Group, LLC | $5,730 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251013111531NAL0001104481001, received 2025-10-13, EIN 21-0660835, plan #005, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.