Foley Hoag LLP 401(k) Review & Grade
Foley Hoag, LLP Savings and Retirement Plan
Boston, MAProfessional, Scientific & Technical Services668 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$11,957Employer $ per active participant
$14,887Employee $ saved per active participant
0.06%Direct admin cost, % of plan assets
$381.7MNet plan assets, end of year
$408,678Average balance per account
Score breakdown
- Employer generosity47.0 / 5094th percentile for employer $ per participant
- Low cost20.8 / 2583th percentile for low admin cost vs. same-size plans
- Employee saving13.2 / 1588th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score88 / 100 · Grade A
This plan vs. peers
Peers: Professional, Scientific & Technical Services plans with 500–2,499 active participants (1,469 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 94th |
| Lower admin cost | 83th |
| Employee saving | 88th |
| Peers that auto-enroll | 48% |
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Red flags from the filing
Corrective distributions: the plan refunded $1,903 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Foley Hoag LLP put in about $11,957 per active participant, more than the typical peer ($3,082). 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.
- Fund expense ratios aren't in the filing. Look them up in your 404(a)(5) fee disclosure and favor low-cost index or target-date funds.
- 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 | $7,993,056 |
| Participant (employee) contributions | $9,952,170 |
| Other contributions (incl. rollovers in) | $3,094,480 |
| Administrative expenses paid from the plan | $231,970 |
| Contract administrator fees | $136,760 |
| Investment advisory & management fees | $72,716 |
| Benefits paid out | $30,768,065 |
| Net assets, start / end of year | $339.8M / $381.7M |
| Active participants, start / end of year | 670 / 667 |
| Participants with account balances | 934 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Gray, Gray & Gray, LLP |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $140,960 reported compensation |
| Capfinancial Partners | $72,716 reported compensation |
| Gray,gray and Gray LLP | $22,494 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251002142937NAL0000365859001, received 2025-10-02, EIN 04-2150535, plan #003, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.