Apex Systems, LLC 401(k) Review & Grade
Contract Employee Retirement Savings Plan
Glen Allen, VAAdministrative, Support & Staffing Services19,020 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$57Employer $ per active participant
$1,799Employee $ saved per active participant
0.35%Direct admin cost, % of plan assets
$231.7MNet plan assets, end of year
–Average balance per account (account count looks misreported)
Score breakdown
- Employer generosity15.6 / 5031th percentile for employer $ per participant
- Low cost1.9 / 258th percentile for low admin cost vs. same-size plans
- Employee saving9.4 / 1562th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score34 / 100 · Grade D
This plan vs. peers
Peers: Administrative, Support & Staffing Services plans with 10,000+ active participants (33 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 31th |
| Lower admin cost | 8th |
| Employee saving | 62th |
| Peers that auto-enroll | 36% |
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Red flags from the filing
Corrective distributions: the plan refunded $482,016 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Apex Systems put in about $57 per active participant, below the typical peer ($271). 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 (0.35% of assets) are well above similar-size plans (0.09%). 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.
- The plan auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- 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 | $1,087,357 |
| Participant (employee) contributions | $34,216,334 |
| Other contributions (incl. rollovers in) | $10,527,566 |
| Administrative expenses paid from the plan | $770,991 |
| Contract administrator fees | $1,500 |
| Investment advisory & management fees | $208,397 |
| Benefits paid out | $49,712,313 |
| Net assets, start / end of year | $204.5M / $231.7M |
| Active participants, start / end of year | 16,230 / 21,810 |
| Participants with account balances | 7,794 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Keiter |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $532,211 reported compensation |
| Janney Montgomery Scott LLC | $165,780 reported compensation |
| Strategic Advisors, Inc. | $42,617 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014102939NAL0003663616001, received 2025-10-14, EIN 54-1773546, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.