Versant Power 401(k) Review & Grade
Versant Power 401(k) Plan
Hamden, MEUtilities541 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$5,348Employer $ per active participant
$10,309Employee $ saved per active participant
0.20%Direct admin cost, % of plan assets
$99.3MNet plan assets, end of year
$155,204Average balance per account
Score breakdown
- Employer generosity20.3 / 5041th percentile for employer $ per participant
- Low cost13.5 / 2554th percentile for low admin cost vs. same-size plans
- Employee saving5.9 / 1539th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-10 pts1 issue reported on the filing
Total score40 / 100 · Grade D
This plan vs. peers
Peers: Utilities plans with 500–2,499 active participants (75 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 41th |
| Lower admin cost | 54th |
| Employee saving | 39th |
| Peers that auto-enroll | 76% |
Get the monthly 401(k) report card
The best and worst plans, new grades as filings post. One email a month, no spam.
Red flags from the filing
Late deposits: the filing says some employee contributions were not sent to the plan on time ($54 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
What to do if you're in this plan
- Versant Power put in about $5,348 per active participant, below the typical peer ($6,264). 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 | $2,893,487 |
| Participant (employee) contributions | $5,576,965 |
| Other contributions (incl. rollovers in) | $1,620,008 |
| Administrative expenses paid from the plan | $191,738 |
| Investment advisory & management fees | $147,522 |
| Benefits paid out | $10,532,084 |
| Net assets, start / end of year | $89.3M / $99.3M |
| Active participants, start / end of year | 527 / 555 |
| Participants with account balances | 640 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Clifton Larson Allen, LLP |
Largest service providers (Schedule C)
| Mercer Investments LLC | $136,400 reported compensation |
| Empower Annuity Insurance Company O | $44,216 reported compensation |
| Empower Advisory Group, LLC | $10,762 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250731142536NAL0013453058001, received 2025-07-31, EIN 01-0024370, plan #004, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.