Iowa Health System 401(k) Review & Grade
Iowa Health System Section 401(k) Retirement Savings Plan
West Des Moines, IAHealth Care & Social Assistance25,424 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$3,155Employer $ per active participant
$5,353Employee $ saved per active participant
0.07%Direct admin cost, % of plan assets
$3.3BNet plan assets, end of year
$96,844Average balance per account
Score breakdown
- Employer generosity36.0 / 5072th percentile for employer $ per participant
- Low cost15.2 / 2561th percentile for low admin cost vs. same-size plans
- Employee saving9.7 / 1565th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score58 / 100 · Grade C
This plan vs. peers
Peers: Health Care & Social Assistance plans with 10,000+ active participants (115 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 72th |
| Lower admin cost | 61th |
| Employee saving | 65th |
| Peers that auto-enroll | 52% |
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
Benefits not paid when due: the plan reported failing to pay some benefits on time.
Corrective distributions: the plan refunded $31,252 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Iowa Health System put in about $3,155 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 | $80,201,896 |
| Participant (employee) contributions | $136,097,524 |
| Other contributions (incl. rollovers in) | $30,008,406 |
| Administrative expenses paid from the plan | $2,073,276 |
| Contract administrator fees | $7,500 |
| Investment advisory & management fees | $1,018,440 |
| Benefits paid out | $293,937,751 |
| Net assets, start / end of year | $3.0B / $3.3B |
| Active participants, start / end of year | 25,072 / 25,777 |
| Participants with account balances | 34,138 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Cliftonlarsonallen |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $1,246,939 reported compensation |
| Strategic Advisors, Inc. | $838,842 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250918132424NAL0001473457001, received 2025-09-18, EIN 42-1435199, plan #006, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.