First Atlantic Corporation 401(k) Review & Grade
First Atlantic Corporation 401(k) Plan
South Portland, MEHealth Care & Social Assistance1,077 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$241Employer $ per active participant
$990Employee $ saved per active participant
0.66%Direct admin cost, % of plan assets
$11.8MNet plan assets, end of year
$12,199Average balance per account
Score breakdown
- Employer generosity11.7 / 5023th percentile for employer $ per participant
- Low cost3.6 / 2514th percentile for low admin cost vs. same-size plans
- Employee saving3.2 / 1521th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score22 / 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 | 23th |
| Lower admin cost | 14th |
| Employee saving | 21th |
| 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
- First Atlantic put in about $241 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 (0.66% 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 | $259,850 |
| Participant (employee) contributions | $1,065,895 |
| Other contributions (incl. rollovers in) | $149,476 |
| Administrative expenses paid from the plan | $72,301 |
| Contract administrator fees | $72,301 |
| Benefits paid out | $829,904 |
| Net assets, start / end of year | $9.9M / $11.8M |
| Active participants, start / end of year | 1,128 / 1,026 |
| Participants with account balances | 971 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Bdmp Assurance, LLP |
Largest service providers (Schedule C)
| Transamerica Retirement Solutions | $66,866 reported compensation |
| Commonwealth Financial Network | $25,066 reported compensation |
| Downeast Pension Services, Inc. | $5,435 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014091101NAL0005217426003, received 2025-10-14, EIN 01-0407925, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.