Paramount Care Centers, LLC 401(k) Review & Grade
Paramount Care Centers, LLC 401(k) Plan
Newark, NJHealth Care & Social Assistance804 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$0Employer $ per active participant
$436Employee $ saved per active participant
$0 reportedDirect admin cost, % of plan assets
$2.6MNet plan assets, end of year
–Average balance per account (account count looks misreported)
Score breakdown
- Employer generosity0.0 / 500th percentile for employer $ per participant
- Low cost12.5 / 25No direct expenses reported, scored neutral
- Employee saving1.4 / 159th percentile for employee $ per participant
- Plan features0 / 10No auto-enrollment or default investment reported
- Red-flag deductions-10 pts1 issue reported on the filing
Total score4 / 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 | 0th |
| Lower admin cost | neutral |
| Employee saving | 9th |
| 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 ($188,894 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
- This plan reported $0 in employer contributions for 2024. Some employers put their money into a separate plan, so check any other plans listed below and ask HR. If there really is no company money, you still get the tax break. Compare the plan's fees and funds with an IRA before deciding where your next dollar goes.
- 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.
- The plan reported no administrative expenses paid from plan assets. The employer may pay them, or the costs may be built into fund fees. Check your 404(a)(5) fee disclosure for each fund's expense ratio.
- 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 | $0 |
| Participant (employee) contributions | $351,135 |
| Other contributions (incl. rollovers in) | $9,072 |
| Administrative expenses paid from the plan | $0 |
| Benefits paid out | $213,295 |
| Net assets, start / end of year | $2.3M / $2.6M |
| Active participants, start / end of year | 840 / 769 |
| Participants with account balances | 228 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Efpr Group Cpas PLLC |
Largest service providers (Schedule C)
| Merrill Lynch - Eps | $11,628 reported compensation |
| John Hancock USA | $2,410 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251006121231NAL0003616113001, received 2025-10-06, EIN 83-3422936, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.