Ideal Image Development, LLC 401(k) Review & Grade
Ideal Image Development 401(k) Plan
Tampa, FLOther Services1,194 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$632Employer $ per active participant
$3,307Employee $ saved per active participant
1.12%Direct admin cost, % of plan assets
$28.1MNet plan assets, end of year
$14,891Average balance per account
Score breakdown
- Employer generosity16.9 / 5034th percentile for employer $ per participant
- Low cost1.3 / 255th percentile for low admin cost vs. same-size plans
- Employee saving9.1 / 1561th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score34 / 100 · Grade D
This plan vs. peers
Peers: Other Services plans with 500–2,499 active participants (333 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 34th |
| Lower admin cost | 5th |
| Employee saving | 61th |
| Peers that auto-enroll | 40% |
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Red flags from the filing
Corrective distributions: the plan refunded $310,086 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Ideal Image Development put in about $632 per active participant, below the typical peer ($1,257). 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 (1.12% 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 | $754,261 |
| Participant (employee) contributions | $3,948,073 |
| Other contributions (incl. rollovers in) | $247,889 |
| Administrative expenses paid from the plan | $304,263 |
| Investment advisory & management fees | $53,029 |
| Other admin expenses | $3,554 |
| Benefits paid out | $6,355,665 |
| Net assets, start / end of year | $26.3M / $28.1M |
| Active participants, start / end of year | 1,106 / 1,282 |
| Participants with account balances | 1,889 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Waren Averett |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company | $247,680 reported compensation |
| Creative Planning LLC | $42,990 reported compensation |
| Empower Advisory Group LLC | $10,039 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015161300NAL0002613059001, received 2025-10-15, EIN 20-4852227, plan #004, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.