Smith Senior Living 401(k) Review & Grade
Smith Senior Living 401(k) Plan
Chicago, ILHealth Care & Social Assistance537 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$748Employer $ per active participant
$1,317Employee $ saved per active participant
0.25%Direct admin cost, % of plan assets
$16.7MNet plan assets, end of year
$52,457Average balance per account
Score breakdown
- Employer generosity21.9 / 5044th percentile for employer $ per participant
- Low cost11.8 / 2547th percentile for low admin cost vs. same-size plans
- Employee saving4.4 / 1530th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-10 pts1 issue reported on the filing
Total score31 / 100 · Grade D
This plan vs. peers
Peers: Health Care & Social Assistance plans with 500–2,499 active participants (1,427 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 44th |
| Lower admin cost | 47th |
| Employee saving | 30th |
| 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 ($27,718 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
- Smith Senior Living put in about $748 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.
- Fund expense ratios aren't in the filing. Look them up in your 404(a)(5) fee disclosure and favor low-cost index or target-date funds.
- 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 | $401,535 |
| Participant (employee) contributions | $707,062 |
| Other contributions (incl. rollovers in) | $182,989 |
| Administrative expenses paid from the plan | $39,921 |
| Contract administrator fees | $39,921 |
| Benefits paid out | $1,807,457 |
| Net assets, start / end of year | $15.3M / $16.7M |
| Active participants, start / end of year | 537 / 537 |
| Participants with account balances | 318 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Forvis Mazars, LLP |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $39,921 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20260317151635NAL0002753920001, received 2026-03-17, EIN 36-4335178, plan #003, plan year 2024-07-01 to 2025-06-30. Verify at efast.dol.gov.