Chenmed, LLC 401(k) Review & Grade
Chenmed, LLC 401(k) Plan
Miami Gardens, FLHealth Care & Social Assistance4,854 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$4,096Employer $ per active participant
$5,705Employee $ saved per active participant
0.29%Direct admin cost, % of plan assets
$217.8MNet plan assets, end of year
$40,993Average balance per account
Score breakdown
- Employer generosity44.1 / 5088th percentile for employer $ per participant
- Low cost5.9 / 2524th percentile for low admin cost vs. same-size plans
- Employee saving11.7 / 1578th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-10 pts1 issue reported on the filing
Total score62 / 100 · Grade B
This plan vs. peers
Peers: Health Care & Social Assistance plans with 2,500–9,999 active participants (312 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 88th |
| Lower admin cost | 24th |
| Employee saving | 78th |
| Peers that auto-enroll | 38% |
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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 ($1,264,546 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
- Chenmed put in about $4,096 per active participant, more than the typical peer ($800). 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 (0.29% of assets) are well above similar-size plans (0.12%). 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.
- 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 | $19,879,960 |
| Participant (employee) contributions | $27,691,061 |
| Other contributions (incl. rollovers in) | $2,477,292 |
| Administrative expenses paid from the plan | $591,817 |
| Contract administrator fees | $591,817 |
| Benefits paid out | $43,436,226 |
| Net assets, start / end of year | $186.5M / $217.8M |
| Active participants, start / end of year | 5,135 / 4,572 |
| Participants with account balances | 5,313 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Crowe, LLP |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $591,816 reported compensation |
| Capfinancial Partners, LLC | $77,791 reported compensation |
| Crowe LLP | $26,775 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20260720094514NAL0007266179001, received 2026-07-20, EIN 46-3929096, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.