Health Group Management 401(k) match, vesting and fees
What Health Group Management's 401(k) plan says about matching contributions
Effective January 1, 2024, the Plan was amended to include a safe harbor match equal to 100% of participant elective deferrals not exceeding 3%, plus 50% of participant elective in excess of 3% but not in excess of 5% of the participant’s compensation.
Quoted directly from the filing. Plan terms may have changed; check your current Summary Plan Description.
Plan features
Indented passages are quoted word for word from the audit report; plan terms may have changed since, so check your current Summary Plan Description.
| Employer match | Quoted from the filing above | Audit report, p. 29 ↗ |
| Match vesting | Vesting. Participants are vested immediately in their contributions plus actual earnings thereon. Vesting in the Plan Sponsor's contribution portion of their accounts is based on years of continuous service. A participant is 25% vested after one year of credited service and continues to vest in increments of 25% until 100% vested after four years of credited service. | Audit report, p. 29 ↗ |
| Loans | Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50% of their vested account balance. The loans are secured by the balance in the participant's account. The loan interest rate, determined monthly, is set at 1% above the prime rate, as defined. | Audit report, p. 30 ↗ |
| Recordkeeper | Capital Group Retirement Plan Svcs. | Schedule C ↗ |
| Independent auditor | Linked Accounting (unmodified opinion, limited scope) | Schedule H ↗ |
| Plan type and status | 401(k) · Active | Form 5500 ↗ |
| Late participant contributions | Reported on the filing | Schedule H ↗ |
All rows are from the plan year 2024 filing; plan features from its audit report.
How the plan compares
Plan year 2024 medians for 1,446 defined-contribution plans in administrative, support and waste management services with 100 to 499 participants.
| Health Group Management: employer contribution per participant | $2,119 | |
| Peer median | $1,495 |
| Health Group Management: average balance | $28,675 | |
| Peer median | $34,563 |
| Health Group Management: admin expenses ÷ assets | 0.09% | |
| Peer median | 0.51% |
Admin expenses are the plan's reported administrative expenses divided by its assets; they do not include fund expense ratios.
Plan history
Plan assets went from $6.7M at the end of plan year 2021 to $12.1M at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 2,388 | $12.1M | $892K | $2,119 | 0.09% | Quoted in the audit report, p. 29 ↗ | Form 5500 ↗ |
| 2023 | 1,984 | $9.1M | $536K | $1,434 | 0.09% | Not published | Form 5500 ↗ |
| 2022 | 1,705 | $6.5M | $405K | $1,320 | 0.08% | Not published | Form 5500 ↗ |
| 2021 | 1,402 | $6.7M | $332K | $1,244 | 0.12% | Not published | Form 5500 ↗ |
Common questions
Does Health Group Management match 401(k) contributions?
The audit report attached to the Health Group Management, LLC 401(k) Plan's plan year 2024 Form 5500, page 29 says: “Effective January 1, 2024, the Plan was amended to include a safe harbor match equal to 100% of participant elective deferrals not exceeding 3%, plus 50% of participant elective in excess of 3% but not in excess of 5% of the participant’s compensation.” Plan terms may have changed; check your current Summary Plan Description.
When is the Health Group Management 401(k) match vested?
The audit report attached to the plan year 2024 Form 5500, page 29 says: “Vesting. Participants are vested immediately in their contributions plus actual earnings thereon. Vesting in the Plan Sponsor's contribution portion of their accounts is based on years of continuous service. A participant is 25% vested after one year of credited service and continues to vest in increments of 25% until 100% vested after four years of credited service.”
Who manages the Health Group Management 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is Capital Group Retirement Plan Svcs.. The plan administrator is Health Group Management, LLC.
I left Health Group Management. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Health Group Management, LLC, (801) 296-5100) or the recordkeeper, Capital Group Retirement Plan Svcs.. The Health Group Management old 401(k) page lists the contacts from every plan filing. Find an old Health Group Management 401(k)
Data from the public Form 5500 annual reports Health Group Management filed with the U.S. Department of Labor (plan years 2021 and 2022 and 2023 and 2024) and, where noted, the attached independent auditor's report. Plan terms may have changed since the filing; check your current Summary Plan Description. PlanFacts is not affiliated with Health Group Management. Not financial advice. Report a correction · Methodology