Legacy Intermediate, LLC 401(k) Review & Grade
Inspyr Solutions and Mplt Healthcare Retirement Plan
Boca Raton, FLAdministrative, Support & Staffing Services1,654 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$477Employer $ per active participant
$4,733Employee $ saved per active participant
0.61%Direct admin cost, % of plan assets
$38.8MNet plan assets, end of year
$23,957Average balance per account
Score breakdown
- Employer generosity21.6 / 5043th percentile for employer $ per participant
- Low cost4.2 / 2517th percentile for low admin cost vs. same-size plans
- Employee saving11.4 / 1576th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score34 / 100 · Grade D
This plan vs. peers
Peers: Administrative, Support & Staffing Services plans with 500–2,499 active participants (401 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 43th |
| Lower admin cost | 17th |
| Employee saving | 76th |
| Peers that auto-enroll | 27% |
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Red flags from the filing
Benefits not paid when due: the plan reported failing to pay some benefits on time.
Corrective distributions: the plan refunded $2,065 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Legacy Intermediate put in about $477 per active participant, below the typical peer ($712). 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 (0.61% 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 | $788,148 |
| Participant (employee) contributions | $7,825,561 |
| Other contributions (incl. rollovers in) | $3,039,541 |
| Administrative expenses paid from the plan | $210,123 |
| Contract administrator fees | $126,601 |
| Investment advisory & management fees | $83,522 |
| Benefits paid out | $6,789,881 |
| Net assets, start / end of year | $29.6M / $38.8M |
| Active participants, start / end of year | 1,484 / 1,823 |
| Participants with account balances | 1,619 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Cbiz Cpas P.C |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $126,601 reported compensation |
| Morgan Stanley Global Ba | $83,520 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014153031NAL0006588962001, received 2025-10-14, EIN 61-1405190, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.