Essentia Health 401(k) Review & Grade
Essentia Health Retirement Plan
Duluth, MNHealth Care & Social Assistance15,932 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$3,657Employer $ per active participant
$6,712Employee $ saved per active participant
0.06%Direct admin cost, % of plan assets
$2.2BNet plan assets, end of year
$111,353Average balance per account
Score breakdown
- Employer generosity39.9 / 5080th percentile for employer $ per participant
- Low cost15.6 / 2563th percentile for low admin cost vs. same-size plans
- Employee saving12.6 / 1584th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score68 / 100 · Grade B
This plan vs. peers
Peers: Health Care & Social Assistance plans with 10,000+ active participants (115 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 80th |
| Lower admin cost | 63th |
| Employee saving | 84th |
| Peers that auto-enroll | 52% |
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Red flags from the filing
Corrective distributions: the plan refunded $12,590 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Essentia Health put in about $3,657 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.
- 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 | $58,260,166 |
| Participant (employee) contributions | $106,933,648 |
| Other contributions (incl. rollovers in) | $12,566,151 |
| Administrative expenses paid from the plan | $1,318,277 |
| Investment advisory & management fees | $137,720 |
| Other admin expenses | $1,500 |
| Benefits paid out | $190,997,570 |
| Net assets, start / end of year | $1.9B / $2.2B |
| Active participants, start / end of year | 15,695 / 16,170 |
| Participants with account balances | 19,655 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Eide Bailly, LLP |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company | $1,161,157 reported compensation |
| Fiducient Advisors LLC | $137,720 reported compensation |
| Eide Bailly LLP | $19,400 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015124920NAL0002318867001, received 2025-10-15, EIN 20-0360007, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.