1st Choice Home Care Services, I 401(k) Review & Grade
1st Choice Home Care 401(k) Plan
Brooklyn, NYHealth Care & Social Assistance1,490 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$98Employer $ per active participant
$18Employee $ saved per active participant
7.16%Direct admin cost, % of plan assets
$456,071Net plan assets, end of year
–Average balance per account (account count looks misreported)
Score breakdown
- Employer generosity7.5 / 5015th percentile for employer $ per participant
- Low cost0.0 / 250th percentile for low admin cost vs. same-size plans
- Employee saving0.2 / 151th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score11 / 100 · Grade F
This plan vs. peers
Peers: Health Care & Social Assistance plans with 500–2,499 active participants (1,427 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 15th |
| Lower admin cost | 0th |
| Employee saving | 1th |
| Peers that auto-enroll | 36% |
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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
- 1st Choice Home Care Services, I put in about $98 per active participant, below the typical peer ($976). 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 (7.16% 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 | $145,908 |
| Participant (employee) contributions | $26,345 |
| Other contributions (incl. rollovers in) | – |
| Administrative expenses paid from the plan | $27,186 |
| Investment advisory & management fees | $3,363 |
| Benefits paid out | $32,949 |
| Net assets, start / end of year | $303,039 / $456,071 |
| Active participants, start / end of year | 1,504 / 1,475 |
| Participants with account balances | 229 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Trailbreaker Accounting |
Largest service providers (Schedule C)
| Adp, Inc. | $23,822 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251003051906NAL0001064097001, received 2025-10-03, EIN 20-5990304, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.