HF Management Services, LLC 401(k) Review & Grade
Healthfirst Profit Sharing 401(k) Plan
New York, NYFinance & Insurance5,881 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$4,920Employer $ per active participant
$8,318Employee $ saved per active participant
0.12%Direct admin cost, % of plan assets
$678.5MNet plan assets, end of year
$92,036Average balance per account
Score breakdown
- Employer generosity28.3 / 5057th percentile for employer $ per participant
- Low cost12.8 / 2551th percentile for low admin cost vs. same-size plans
- Employee saving7.2 / 1548th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score55 / 100 · Grade C
This plan vs. peers
Peers: Finance & Insurance plans with 2,500–9,999 active participants (199 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 57th |
| Lower admin cost | 51th |
| Employee saving | 48th |
| Peers that auto-enroll | 66% |
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Red flags from the filing
Corrective distributions: the plan refunded $241 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- HF Management Services put in about $4,920 per active participant, more than the typical peer ($4,489). 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 | $28,932,395 |
| Participant (employee) contributions | $48,915,417 |
| Other contributions (incl. rollovers in) | $4,800,345 |
| Administrative expenses paid from the plan | $727,179 |
| Other admin expenses | $727,179 |
| Benefits paid out | $35,259,019 |
| Net assets, start / end of year | $554.3M / $678.5M |
| Active participants, start / end of year | 5,636 / 6,126 |
| Participants with account balances | 7,372 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Ernst & Young LLP |
Largest service providers (Schedule C)
| The Vanguard Group, Inc. | $431,484 reported compensation |
| Vanguard Advisers Inc. | $368,046 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250909072919NAL0012739299001, received 2025-09-09, EIN 13-4069806, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.