Strongmind, Inc. 401(k) Review & Grade
Strongmind, Inc. 401(k) Plan
Chandler, AZAdministrative, Support & Staffing Services566 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,681Employer $ per active participant
$2,715Employee $ saved per active participant
0.56%Direct admin cost, % of plan assets
$17.1MNet plan assets, end of year
$23,286Average balance per account
Score breakdown
- Employer generosity36.6 / 5073th percentile for employer $ per participant
- Low cost4.9 / 2520th percentile for low admin cost vs. same-size plans
- Employee saving8.9 / 1559th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score60 / 100 · Grade B
This plan vs. peers
Peers: Administrative, Support & Staffing Services plans with 500–2,499 active participants (401 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 73th |
| Lower admin cost | 20th |
| Employee saving | 59th |
| Peers that auto-enroll | 27% |
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Red flags from the filing
No red flags were reported on this filing's compliance questions.
What to do if you're in this plan
- Strongmind put in about $1,681 per active participant, more than the typical peer ($712). Contribute at least enough to collect the full match. Skipping it leaves part of your pay on the table.
- 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 (0.56% 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 | $951,680 |
| Participant (employee) contributions | $1,536,489 |
| Other contributions (incl. rollovers in) | $42,296 |
| Administrative expenses paid from the plan | $89,215 |
| Contract administrator fees | $40,111 |
| Investment advisory & management fees | $36,462 |
| Other admin expenses | $2,650 |
| Benefits paid out | $2,599,618 |
| Net assets, start / end of year | $14.8M / $17.1M |
| Active participants, start / end of year | 586 / 546 |
| Participants with account balances | 735 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Kimberlin Company PLLC |
Largest service providers (Schedule C)
| PFG Advisors, LLC | $19,171 reported compensation |
| PFG Advisors LLC | $17,036 reported compensation |
| Empower Annuity Insurance Company O | $6,818 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250723115252NAL0003389761001, received 2025-07-23, EIN 47-4746942, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.