Cottage Health 401(k) Review & Grade
Myfuture 401(k) Retirement Savings Plan
Santa Barbara, CAHealth Care & Social Assistance2,432 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$2,228Employer $ per active participant
$7,639Employee $ saved per active participant
0.26%Direct admin cost, % of plan assets
$102.0MNet plan assets, end of year
$35,282Average balance per account
Score breakdown
- Employer generosity37.3 / 5075th percentile for employer $ per participant
- Low cost11.4 / 2545th percentile for low admin cost vs. same-size plans
- Employee saving14.2 / 1594th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score60 / 100 · Grade B
This plan vs. peers
Peers: Health Care & Social Assistance plans with 500–2,499 active participants (1,427 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 75th |
| Lower admin cost | 45th |
| Employee saving | 94th |
| Peers that auto-enroll | 36% |
Get the monthly 401(k) report card
The best and worst plans, new grades as filings post. One email a month, no spam.
Red flags from the filing
Late deposits: the filing says some employee contributions were not sent to the plan on time ($6,216,770 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $363 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Cottage Health put in about $2,228 per active participant, more than the typical peer ($976). 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 | $5,418,085 |
| Participant (employee) contributions | $18,573,023 |
| Other contributions (incl. rollovers in) | $3,902,442 |
| Administrative expenses paid from the plan | $226,417 |
| Contract administrator fees | $1,200 |
| Investment advisory & management fees | $37,234 |
| Benefits paid out | $5,426,690 |
| Net assets, start / end of year | $69.7M / $102.0M |
| Active participants, start / end of year | 2,253 / 2,610 |
| Participants with account balances | 2,890 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Ernst and Young |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $189,482 reported compensation |
| Strategic Advisors, Inc. | $37,234 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251010123006NAL0013112976001, received 2025-10-10, EIN 77-0431902, plan #007, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.