The Mental Health Association of New York City, Inc. 401(k) Review & Grade
Mha of Nyc, Inc. 401(k) Plan
New York, NYHealth Care & Social Assistance866 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$2,871Employer $ per active participant
$5,880Employee $ saved per active participant
0.46%Direct admin cost, % of plan assets
$32.5MNet plan assets, end of year
$27,255Average balance per account
Score breakdown
- Employer generosity40.7 / 5081th percentile for employer $ per participant
- Low cost6.4 / 2525th percentile for low admin cost vs. same-size plans
- Employee saving13.1 / 1587th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score60 / 100 · Grade B
This plan vs. peers
Peers: Health Care & Social Assistance plans with 500–2,499 active participants (1,427 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 81th |
| Lower admin cost | 25th |
| Employee saving | 87th |
| Peers that auto-enroll | 36% |
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Red flags from the filing
Corrective distributions: the plan refunded $1,113 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Mental Health Association of New York City put in about $2,871 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 (0.46% 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 | $2,484,471 |
| Participant (employee) contributions | $5,089,487 |
| Other contributions (incl. rollovers in) | $331,179 |
| Administrative expenses paid from the plan | $130,191 |
| Investment advisory & management fees | $4,188 |
| Benefits paid out | $2,972,892 |
| Net assets, start / end of year | $23.7M / $32.5M |
| Active participants, start / end of year | 906 / 825 |
| Participants with account balances | 1,192 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Grassi & Co., Cpas, P.C. |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $126,003 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20260415133621NAL0021020368001, received 2026-04-15, EIN 13-2637308, plan #001, plan year 2024-07-01 to 2025-06-30. Verify at efast.dol.gov.