Mankato Clinic LTD 401(k) Review & Grade
Mankato Clinic, LTD. 401(k) Profit Sharing Plan
Mankato, MNHealth Care & Social Assistance865 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$8,471Employer $ per active participant
$6,246Employee $ saved per active participant
0.14%Direct admin cost, % of plan assets
$236.0MNet plan assets, end of year
$205,589Average balance per account
Score breakdown
- Employer generosity48.6 / 5097th percentile for employer $ per participant
- Low cost16.1 / 2565th percentile for low admin cost vs. same-size plans
- Employee saving13.4 / 1589th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score81 / 100 · Grade A
This plan vs. peers
Peers: Health Care & Social Assistance plans with 500–2,499 active participants (1,427 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 97th |
| Lower admin cost | 65th |
| Employee saving | 89th |
| Peers that auto-enroll | 36% |
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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
- Mankato Clinic put in about $8,471 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.
- 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 | $7,327,699 |
| Participant (employee) contributions | $5,403,157 |
| Other contributions (incl. rollovers in) | $293,982 |
| Administrative expenses paid from the plan | $326,456 |
| Investment advisory & management fees | $128,213 |
| Benefits paid out | $22,616,035 |
| Net assets, start / end of year | $220.8M / $236.0M |
| Active participants, start / end of year | 857 / 873 |
| Participants with account balances | 1,148 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Eide Bailly |
Largest service providers (Schedule C)
| Milliman, Inc. | $177,548 reported compensation |
| Nicollet Investmentmanagement | $77,213 reported compensation |
| Advanced Capital Group | $51,000 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251006155201NAL0002028579001, received 2025-10-06, EIN 41-0849339, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.