Icare Management, LLC 401(k) Review & Grade
Icare 401(k) Plan and Trust Agreement
Manchester, CTHealth Care & Social Assistance1,754 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$458Employer $ per active participant
$1,271Employee $ saved per active participant
0.47%Direct admin cost, % of plan assets
$23.7MNet plan assets, end of year
–Average balance per account (account count looks misreported)
Score breakdown
- Employer generosity16.5 / 5033th percentile for employer $ per participant
- Low cost6.2 / 2525th percentile for low admin cost vs. same-size plans
- Employee saving4.3 / 1529th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-10 pts1 issue reported on the filing
Total score20 / 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 | 33th |
| Lower admin cost | 25th |
| Employee saving | 29th |
| Peers that auto-enroll | 36% |
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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 ($969 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
- Icare Management put in about $458 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 (0.47% 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 | $802,489 |
| Participant (employee) contributions | $2,228,939 |
| Other contributions (incl. rollovers in) | $142,456 |
| Administrative expenses paid from the plan | $104,381 |
| Benefits paid out | $1,995,458 |
| Net assets, start / end of year | $20.3M / $23.7M |
| Active participants, start / end of year | 1,721 / 1,786 |
| Participants with account balances | 689 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Plante & Moran, PLLC |
Largest service providers (Schedule C)
| Empower Annuity Insurance Co | $64,625 reported compensation |
| Fiducient Advisors | $34,783 reported compensation |
| Pension Consultants, Inc. | $15,161 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251007124055NAL0008147312001, received 2025-10-07, EIN 91-2089152, plan #003, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.