Freedom Senior Services 401(k) Review & Grade
Freedom Senior Services 401(k) Profit Sharing Plan & Trust
Louisville, KYHealth Care & Social Assistance2,388 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$473Employer $ per active participant
$769Employee $ saved per active participant
1.77%Direct admin cost, % of plan assets
$6.8MNet plan assets, end of year
$2,512Average balance per account
Score breakdown
- Employer generosity17.0 / 5034th percentile for employer $ per participant
- Low cost0.4 / 252th percentile for low admin cost vs. same-size plans
- Employee saving2.6 / 1517th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score27 / 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 | 34th |
| Lower admin cost | 2th |
| Employee saving | 17th |
| Peers that auto-enroll | 36% |
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Red flags from the filing
Corrective distributions: the plan refunded $6,929 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Freedom Senior Services put in about $473 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 (1.77% 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 | $1,128,649 |
| Participant (employee) contributions | $1,836,329 |
| Other contributions (incl. rollovers in) | $89,713 |
| Administrative expenses paid from the plan | $90,916 |
| Contract administrator fees | $87,690 |
| Investment advisory & management fees | $2,366 |
| Benefits paid out | $352,042 |
| Net assets, start / end of year | $3.5M / $6.8M |
| Active participants, start / end of year | 2,212 / 2,563 |
| Participants with account balances | 2,687 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Mather and Company Cpas LLC |
Largest service providers (Schedule C)
| Paychex, Inc. | $63,841 reported compensation |
| Erisa Fiduciary Services, Inc. | $23,415 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20260323061621NAL0001242193001, received 2026-03-23, EIN 87-4225504, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.