Springboard Collaborative 401(k) Review & Grade
Springboard Collaborative 403(b) Plan
Philadelphia, PAEducational Services662 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,063Employer $ per active participant
$1,650Employee $ saved per active participant
0.08%Direct admin cost, % of plan assets
$8.6MNet plan assets, end of year
–Average balance per account (account count looks misreported)
Score breakdown
- Employer generosity20.6 / 5041th percentile for employer $ per participant
- Low cost19.6 / 2579th percentile for low admin cost vs. same-size plans
- Employee saving3.5 / 1523th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-10 pts1 issue reported on the filing
Total score44 / 100 · Grade D
This plan vs. peers
Peers: Educational Services plans with 500–2,499 active participants (144 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 41th |
| Lower admin cost | 79th |
| Employee saving | 23th |
| Peers that auto-enroll | 37% |
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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 ($100 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
- Springboard Collaborative put in about $1,063 per active participant, below the typical peer ($1,225). 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 auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- 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 | $703,653 |
| Participant (employee) contributions | $1,092,192 |
| Other contributions (incl. rollovers in) | $574,921 |
| Administrative expenses paid from the plan | $5,839 |
| Benefits paid out | $521,114 |
| Net assets, start / end of year | $5.7M / $8.6M |
| Active participants, start / end of year | 662 / 662 |
| Participants with account balances | 172 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Cliftonlarsonallen LLP |
Largest service providers (Schedule C)
| Mutual of America Sec. Corp LLC | $0 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014124334NAL0001398515001, received 2025-10-14, EIN 45-3719806, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.