Liberty Healthcare Management 401(k) match, vesting and fees
What Liberty Healthcare Management's 401(k) plan says about matching contributions
The Companies may match an additional amount to the Plan at their discretion. During 2024, the Companies contributed 35% of the first 4% of each participant’s contribution.
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. 34 ↗ |
| Match vesting | Vesting – Participants are immediately vested in their contributions plus actual earnings thereon. Vesting in the Companies’ discretionary and non-elective matching contribution portion of their accounts, plus actual earnings thereon, is based on years of continuous service. Employees with two through five years of service are partially vested in their accounts as follows: two years – 20% vesting, three years – 40% vesting, four years – 60% vesting, and five years – 80% vesting. Full vesting occurs upon completion of six years of service. In all events, amounts allocated to employer contribution accounts become 100% vested if a participant is actively employed upon attainment of normal retirement age of 591⁄2, disability, or death. Forfeited Accounts – As of December 31, 2024 and 2023, forfeited nonvested accounts totaled $158,382 and $151,764, respectively. These amounts will be used to reduce future Plan expenses and employer contributions. During the year ended December 31, 2024, $128,575 of forfeited nonvested accounts was used to pay Plan expenses and $159,580 was used to reduce employer contributions. | Audit report, p. 34 ↗ |
| Automatic enrollment | The Plan has a 2% automatic deferral election, meaning that if an eligible participant does not specifically designate that he or she does not want to participate, then 2% of eligible compensation, as defined in the Plan, will be automatically deferred into the Plan. | Audit report, p. 34 ↗ |
| Loans | Notes Receivable from Participants – Participants may borrow from their accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 reduced by their highest outstanding note receivable balance during the preceding 12-month period or 50% of their eligible account balance. The notes are secured by the balance in the participant’s account and bear interest at a reasonable rate as determined by the Plan administrator (4.25% to 9.50% as of December 31, 2024) and must be repaid within five years, unless the funds borrowed are used towards the purchase of a primary residence. | Audit report, p. 35 ↗ |
| Recordkeeper | Fidelity Investments Institutional | Schedule C ↗ |
| Independent auditor | Cherry Bekaert LLP (unmodified opinion, limited scope) | Schedule H ↗ |
| Plan type and status | 401(k) · Active | Form 5500 ↗ |
All rows are from the plan year 2024 filing; plan features from its audit report.
How the plan compares
Plan year 2024 medians for 218 defined-contribution plans in health care and social assistance with 5,000 to 9,999 participants.
| Liberty Healthcare Management: employer contribution per participant | $271 | |
| Peer median | $1,895 |
| Liberty Healthcare Management: average balance | $14,589 | |
| Peer median | $71,034 |
| Liberty Healthcare Management: admin expenses ÷ assets | 0.53% | |
| Peer median | 0.10% |
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 $76.8M at the end of plan year 2021 to $95.6M at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 8,249 | $95.6M | $1.8M | $271 | 0.53% | Quoted in the audit report, p. 34 ↗ | Form 5500 ↗ |
| 2023 | 7,033 | $80.6M | $1.7M | $297 | 0.56% | Not published | Form 5500 ↗ |
| 2022 | 6,697 | $65.7M | $1.4M | $277 | 0.55% | Not published | Form 5500 ↗ |
| 2021 | 6,002 | $76.8M | $1.2M | $282 | 0.50% | Not published | Form 5500 ↗ |
Common questions
Does Liberty Healthcare Management match 401(k) contributions?
The audit report attached to the Liberty Healthcare Services Retirement Plan's plan year 2024 Form 5500, page 34 says: “The Companies may match an additional amount to the Plan at their discretion. During 2024, the Companies contributed 35% of the first 4% of each participant’s contribution.” Plan terms may have changed; check your current Summary Plan Description.
When is the Liberty Healthcare Management 401(k) match vested?
The audit report attached to the plan year 2024 Form 5500, page 34 says: “Vesting – Participants are immediately vested in their contributions plus actual earnings thereon. Vesting in the Companies’ discretionary and non-elective matching contribution portion of their accounts, plus actual earnings thereon, is based on years of continuous service. Employees with two through five years of service are partially vested in their accounts as follows: two years – 20% vesting, three years – 40% vesting, four years – 60% vesting, and five years – 80% vesting. Full vesting occurs upon completion of six years of service. In all events, amounts allocated to employer contribution accounts become 100% vested if a participant is actively employed upon attainment of normal retirement age of 591⁄2, disability, or death. Forfeited Accounts – As of December 31, 2024 and 2023, forfeited nonvested accounts totaled $158,382 and $151,764, respectively. These amounts will be used to reduce future Plan expenses and employer contributions. During the year ended December 31, 2024, $128,575 of forfeited nonvested accounts was used to pay Plan expenses and $159,580 was used to reduce employer contributions.”
Who manages the Liberty Healthcare Management 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is Fidelity Investments Institutional. The plan administrator is Liberty Healthcare Management, Inc..
I left Liberty Healthcare Management. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Liberty Healthcare Management, Inc., (910) 815-3122) or the recordkeeper, Fidelity Investments Institutional. The Liberty Healthcare Management old 401(k) page lists the contacts from every plan filing. Find an old Liberty Healthcare Management 401(k)
Data from the public Form 5500 annual reports Liberty Healthcare 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 Liberty Healthcare Management. Not financial advice. Report a correction · Methodology