Centene Corporation 401(k) Review & Grade
Centene Management Corporation Retirement Plan
ST. Louis, MOFinance & Insurance54,350 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$2,063Employer $ per active participant
$7,430Employee $ saved per active participant
0.05%Direct admin cost, % of plan assets
$4.7BNet plan assets, end of year
$72,990Average balance per account
Score breakdown
- Employer generosity2.8 / 506th percentile for employer $ per participant
- Low cost17.0 / 2568th 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-13 pts2 issues reported on the filing
Total score19 / 100 · Grade F
This plan vs. peers
Peers: Finance & Insurance plans with 10,000+ active participants (72 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 6th |
| Lower admin cost | 68th |
| Employee saving | 17th |
| Peers that auto-enroll | 74% |
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Red flags from the filing
Benefits not paid when due: the plan reported failing to pay some benefits on time.
Corrective distributions: the plan refunded $65,975 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Centene put in about $2,063 per active participant, below the typical peer ($5,179). 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.
- 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.
- 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 | $112,110,128 |
| Participant (employee) contributions | $403,810,027 |
| Other contributions (incl. rollovers in) | $51,667,914 |
| Administrative expenses paid from the plan | $2,401,795 |
| Contract administrator fees | $9,300 |
| Investment advisory & management fees | $1,066,538 |
| Benefits paid out | $432,086,155 |
| Net assets, start / end of year | $4.0B / $4.7B |
| Active participants, start / end of year | 53,760 / 54,939 |
| Participants with account balances | 64,621 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Armanino LLP |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $1,305,857 reported compensation |
| Strategic Advisors, Inc. | $982,966 reported compensation |
| Capfinancial Partners, LLC | $83,572 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251003160757NAL0000958675001, received 2025-10-03, EIN 39-1864073, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.