Union Home Mortgage Corporation 401(k) Review & Grade
Union Home Mortgage Corporation 401(k) Plan
Strongsville, OHFinance & Insurance1,560 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,094Employer $ per active participant
$6,953Employee $ saved per active participant
0.30%Direct admin cost, % of plan assets
$94.9MNet plan assets, end of year
$36,887Average balance per account
Score breakdown
- Employer generosity5.1 / 5010th percentile for employer $ per participant
- Low cost10.2 / 2541th percentile for low admin cost vs. same-size plans
- Employee saving7.4 / 1549th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-20 pts2 issues reported on the filing
Total score13 / 100 · Grade F
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 10th |
| Lower admin cost | 41th |
| Employee saving | 49th |
| Peers that auto-enroll | 62% |
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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 ($2,087,152 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Benefits not paid when due: the plan reported failing to pay some benefits on time.
What to do if you're in this plan
- Union Home Mortgage put in about $1,094 per active participant, below the typical peer ($3,606). 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.
- Fund expense ratios aren't in the filing. Look them up in your 404(a)(5) fee disclosure and favor low-cost index or target-date funds.
- The plan auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- 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 | $1,706,544 |
| Participant (employee) contributions | $10,850,482 |
| Other contributions (incl. rollovers in) | $5,812,268 |
| Administrative expenses paid from the plan | $251,978 |
| Investment advisory & management fees | $116,097 |
| Benefits paid out | $10,264,471 |
| Net assets, start / end of year | $75.5M / $94.9M |
| Active participants, start / end of year | 1,409 / 1,712 |
| Participants with account balances | 2,572 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Pease Bell Cpas, LLC |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $135,881 reported compensation |
| Vantage Financial Group Inc | $116,097 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015103527NAL0004312257001, received 2025-10-15, EIN 34-1084436, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.