Hackensack Meridian Health 401(k) Review & Grade
HMH 401(k) Savings Plan
Edison, NJHealth Care & Social Assistance37,618 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$3,838Employer $ per active participant
$5,925Employee $ saved per active participant
0.11%Direct admin cost, % of plan assets
$2.1BNet plan assets, end of year
$39,483Average balance per account
Score breakdown
- Employer generosity42.1 / 5084th percentile for employer $ per participant
- Low cost9.9 / 2540th percentile for low admin cost vs. same-size plans
- Employee saving10.9 / 1573th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score73 / 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 | 84th |
| Lower admin cost | 40th |
| Employee saving | 73th |
| Peers that auto-enroll | 52% |
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Red flags from the filing
No red flags were reported on this filing's compliance questions.
What to do if you're in this plan
- Hackensack Meridian Health put in about $3,838 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.
- 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 | $144,370,602 |
| Participant (employee) contributions | $222,884,012 |
| Other contributions (incl. rollovers in) | $33,925,462 |
| Administrative expenses paid from the plan | $2,068,651 |
| Benefits paid out | $84,098,824 |
| Net assets, start / end of year | $1.6B / $2.1B |
| Active participants, start / end of year | 35,701 / 39,534 |
| Participants with account balances | 53,979 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Torrillo & Associates, LLC |
Largest service providers (Schedule C)
| Tiaa | $2,063,397 reported compensation |
| Torrillo & Associates, LLC | $5,254 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015085503NAL0008415362001, received 2025-10-15, EIN 22-3474145, plan #011, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.