Liberty Management Services, Inc. 401(k) Review & Grade
Liberty Resources Retirement Plan
East Syracuse, NYHealth Care & Social Assistance1,396 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$222Employer $ per active participant
$1,737Employee $ saved per active participant
1.28%Direct admin cost, % of plan assets
$21.0MNet plan assets, end of year
$21,643Average balance per account
Score breakdown
- Employer generosity11.2 / 5022th percentile for employer $ per participant
- Low cost0.9 / 254th percentile for low admin cost vs. same-size plans
- Employee saving5.6 / 1538th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score25 / 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 | 22th |
| Lower admin cost | 4th |
| Employee saving | 38th |
| Peers that auto-enroll | 36% |
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Red flags from the filing
Corrective distributions: the plan refunded $49,081 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Liberty Management Services put in about $222 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 (1.28% 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 | $309,625 |
| Participant (employee) contributions | $2,424,936 |
| Other contributions (incl. rollovers in) | $512,449 |
| Administrative expenses paid from the plan | $247,540 |
| Contract administrator fees | $247,540 |
| Benefits paid out | $2,133,179 |
| Net assets, start / end of year | $17.7M / $21.0M |
| Active participants, start / end of year | 1,387 / 1,405 |
| Participants with account balances | 970 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Bonadio & Co., LLP |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $247,540 reported compensation |
| MML Insurance Agency LLC | $56,007 reported compensation |
| MML Investors Services LLC | $8,049 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015100259NAL0002210115001, received 2025-10-15, EIN 41-2262515, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.