Truenet Communications Corp. 401(k) Review & Grade
Truenet Communications Corp 401(k) Profit Sharing Plan and Trust
Ponte Vedra, FLProfessional, Scientific & Technical Services525 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,099Employer $ per active participant
$3,336Employee $ saved per active participant
0.79%Direct admin cost, % of plan assets
$14.4MNet plan assets, end of year
$24,065Average balance per account
Score breakdown
- Employer generosity10.5 / 5021th percentile for employer $ per participant
- Low cost2.5 / 2510th percentile for low admin cost vs. same-size plans
- Employee saving2.5 / 1517th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score23 / 100 · Grade F
This plan vs. peers
Peers: Professional, Scientific & Technical Services plans with 500–2,499 active participants (1,469 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 21th |
| Lower admin cost | 10th |
| Employee saving | 17th |
| Peers that auto-enroll | 48% |
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Red flags from the filing
Corrective distributions: the plan refunded $36,153 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Truenet Communications put in about $1,099 per active participant, below the typical peer ($3,082). 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 (0.79% 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 | $577,158 |
| Participant (employee) contributions | $1,751,389 |
| Other contributions (incl. rollovers in) | $345,522 |
| Administrative expenses paid from the plan | $104,886 |
| Contract administrator fees | $71,884 |
| Investment advisory & management fees | $33,002 |
| Benefits paid out | $1,894,178 |
| Net assets, start / end of year | $12.0M / $14.4M |
| Active participants, start / end of year | 565 / 485 |
| Participants with account balances | 598 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Assurance Dimensions |
Largest service providers (Schedule C)
| Ubs Financial Services Inc | $33,002 reported compensation |
| John Hancock Life Insurance Company | $14,322 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251006101450NAL0001778275001, received 2025-10-06, EIN 74-3061278, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.