The Health Plan of West Virginia, Inc. 401(k) Review & Grade
Hp-Uov 401k Retirement Plan
Wheeling, WVFinance & Insurance525 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$4,385Employer $ per active participant
$3,740Employee $ saved per active participant
0.35%Direct admin cost, % of plan assets
$54.6MNet plan assets, end of year
$76,755Average balance per account
Score breakdown
- Employer generosity30.9 / 5062th percentile for employer $ per participant
- Low cost8.9 / 2536th percentile for low admin cost vs. same-size plans
- Employee saving1.6 / 1511th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score44 / 100 · Grade D
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 62th |
| Lower admin cost | 36th |
| Employee saving | 11th |
| Peers that auto-enroll | 62% |
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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
- Health Plan of West Virginia put in about $4,385 per active participant, more than the typical peer ($3,606). 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.
- 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 | $2,302,258 |
| Participant (employee) contributions | $1,963,325 |
| Other contributions (incl. rollovers in) | $662,794 |
| Administrative expenses paid from the plan | $183,100 |
| Contract administrator fees | $14,125 |
| Investment advisory & management fees | $150,922 |
| Other admin expenses | $18,053 |
| Benefits paid out | $6,622,077 |
| Net assets, start / end of year | $51.5M / $54.6M |
| Active participants, start / end of year | 537 / 513 |
| Participants with account balances | 712 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Rea & Associates, Inc. |
Largest service providers (Schedule C)
| Mckinley Carter Wealth Services, in | $78,113 reported compensation |
| Empower Annuity Insurance Company O | $69,457 reported compensation |
| Dunbar Bender & Zapf, Inc. | $14,125 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250731090210NAL0002940259001, received 2025-07-31, EIN 55-0585592, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.