Corfin Holdings, Inc. 401(k) Review & Grade
Corfin Holdings, Inc. 401(k) Plan
Melville, NYManagement of Companies688 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$2,259Employer $ per active participant
$7,281Employee $ saved per active participant
0.40%Direct admin cost, % of plan assets
$41.8MNet plan assets, end of year
$56,711Average balance per account
Score breakdown
- Employer generosity22.2 / 5044th percentile for employer $ per participant
- Low cost7.5 / 2530th percentile for low admin cost vs. same-size plans
- Employee saving9.9 / 1566th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-8 pts2 issues reported on the filing
Total score42 / 100 · Grade D
This plan vs. peers
Peers: Management of Companies plans with 500–2,499 active participants (172 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 44th |
| Lower admin cost | 30th |
| Employee saving | 66th |
| Peers that auto-enroll | 58% |
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Red flags from the filing
No fidelity bond: the plan reported it was not covered by a fidelity bond, which protects participants against theft.
Corrective distributions: the plan refunded $409 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Corfin Holdings put in about $2,259 per active participant, below the typical peer ($2,492). 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 (0.40% 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.
- 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 | $1,554,024 |
| Participant (employee) contributions | $5,009,188 |
| Other contributions (incl. rollovers in) | $2,062,047 |
| Administrative expenses paid from the plan | $153,208 |
| Contract administrator fees | $68,100 |
| Investment advisory & management fees | $85,108 |
| Benefits paid out | $4,932,713 |
| Net assets, start / end of year | $34.0M / $41.8M |
| Active participants, start / end of year | 698 / 678 |
| Participants with account balances | 737 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Clifton Larson Allen |
Largest service providers (Schedule C)
| Morgan Stanley Global | $85,108 reported compensation |
| Principal Life Insurance Company | $68,100 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251013082438NAL0001519296001, received 2025-10-13, EIN 47-5592053, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.