Summit Healthcare Management LLC 401(k) Review & Grade
Summit Healthcare Management LLC
Franklin, TNHealth Care & Social Assistance4,336 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$179Employer $ per active participant
$1,609Employee $ saved per active participant
0.44%Direct admin cost, % of plan assets
$23.6MNet plan assets, end of year
–Average balance per account (account count looks misreported)
Score breakdown
- Employer generosity14.3 / 5029th percentile for employer $ per participant
- Low cost3.7 / 2515th percentile for low admin cost vs. same-size plans
- Employee saving5.5 / 1536th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score14 / 100 · Grade F
This plan vs. peers
Peers: Health Care & Social Assistance plans with 2,500–9,999 active participants (312 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 29th |
| Lower admin cost | 15th |
| Employee saving | 36th |
| 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 ($8,730 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $11,159 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Summit Healthcare Management put in about $179 per active participant, below the typical peer ($800). 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 (0.44% of assets) are well above similar-size plans (0.12%). 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 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 | $778,330 |
| Participant (employee) contributions | $6,977,515 |
| Other contributions (incl. rollovers in) | $1,552,316 |
| Administrative expenses paid from the plan | $85,163 |
| Benefits paid out | $3,056,473 |
| Net assets, start / end of year | $15.2M / $23.6M |
| Active participants, start / end of year | 4,184 / 4,489 |
| Participants with account balances | 2,162 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Lbmc PC |
Largest service providers (Schedule C)
| Adp, Inc. | $85,163 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251007052149NAL0004213713001, received 2025-10-07, EIN 46-2684904, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.