Heritage Insurance Holdings, Inc 401(k) Review & Grade
Heritage Insurance Holdings, Inc. Retirement Savings Plan
Tampa, FLFinance & Insurance530 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$3,962Employer $ per active participant
$5,713Employee $ saved per active participant
0.51%Direct admin cost, % of plan assets
$36.3MNet plan assets, end of year
$53,310Average balance per account
Score breakdown
- Employer generosity27.6 / 5055th percentile for employer $ per participant
- Low cost5.6 / 2522th percentile for low admin cost vs. same-size plans
- Employee saving4.7 / 1531th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-10 pts1 issue reported on the filing
Total score31 / 100 · Grade D
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 55th |
| Lower admin cost | 22th |
| Employee saving | 31th |
| Peers that auto-enroll | 62% |
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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 ($26,756 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
- Heritage Insurance Holdings put in about $3,962 per active participant, more than the typical peer ($3,606). 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 (0.51% 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 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 | $2,099,684 |
| Participant (employee) contributions | $3,027,636 |
| Other contributions (incl. rollovers in) | $568,225 |
| Administrative expenses paid from the plan | $168,785 |
| Contract administrator fees | $29,728 |
| Investment advisory & management fees | $93,743 |
| Benefits paid out | $3,999,557 |
| Net assets, start / end of year | $29.9M / $36.3M |
| Active participants, start / end of year | 520 / 540 |
| Participants with account balances | 680 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Assurance Dimensions |
Largest service providers (Schedule C)
| Morgan Stanley | $84,242 reported compensation |
| Empower Annuity Ins Co of Amer | $54,933 reported compensation |
| Florida Retirement Consultants | $29,728 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251013193407NAL0003972050001, received 2025-10-13, EIN 45-5338504, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.