Baptist Health System, Inc. 401(k) Review & Grade
Baptist Health System, Inc. Matched Savings Plan
Jacksonville, FLHealth Care & Social Assistance11,436 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$2,582Employer $ per active participant
$4,360Employee $ saved per active participant
0.11%Direct admin cost, % of plan assets
$782.8MNet plan assets, end of year
$44,063Average balance per account
Score breakdown
- Employer generosity29.8 / 5060th percentile for employer $ per participant
- Low cost9.8 / 2539th percentile for low admin cost vs. same-size plans
- Employee saving6.8 / 1546th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-25 pts3 issues reported on the filing
Total score31 / 100 · Grade D
This plan vs. peers
Peers: Health Care & Social Assistance plans with 10,000+ active participants (115 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 60th |
| Lower admin cost | 39th |
| Employee saving | 46th |
| Peers that auto-enroll | 52% |
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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 ($2,434 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Benefits not paid when due: the plan reported failing to pay some benefits on time.
Auditor disclaimer: the auditor issued a disclaimer of opinion.
What to do if you're in this plan
- Baptist Health System put in about $2,582 per active participant, more than the typical peer ($2,086). 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.
- 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 | $29,525,150 |
| Participant (employee) contributions | $49,854,752 |
| Other contributions (incl. rollovers in) | $7,022,557 |
| Administrative expenses paid from the plan | $845,346 |
| Investment advisory & management fees | $11,270 |
| Benefits paid out | $94,857,234 |
| Net assets, start / end of year | $709.7M / $782.8M |
| Active participants, start / end of year | 9,896 / 12,975 |
| Participants with account balances | 17,766 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Crowe LLP |
Largest service providers (Schedule C)
| Valic Retirement Services Company | $814,963 reported compensation |
| Fidelity Investments Institutional | $19,139 reported compensation |
| Strategic Advisors, Inc. | $11,270 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251122040802NAL0007353169001, received 2025-11-22, EIN 59-2487136, plan #003, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.