Mcleod Health 401(k) Review & Grade
Mcleod Health 401(k) Plan
Florence, SCHealth Care & Social Assistance10,671 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,566Employer $ per active participant
$4,513Employee $ saved per active participant
0.11%Direct admin cost, % of plan assets
$808.7MNet plan assets, end of year
$66,286Average balance per account
Score breakdown
- Employer generosity22.8 / 5046th percentile for employer $ per participant
- Low cost9.9 / 2540th percentile for low admin cost vs. same-size plans
- Employee saving7.2 / 1548th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score37 / 100 · Grade D
This plan vs. peers
Peers: Health Care & Social Assistance plans with 10,000+ active participants (115 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 46th |
| Lower admin cost | 40th |
| Employee saving | 48th |
| Peers that auto-enroll | 52% |
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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 $16,571 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Mcleod Health put in about $1,566 per active participant, below the typical peer ($2,086). Any match is still an instant return, so contribute enough to get all of it.
- 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 | $16,712,305 |
| Participant (employee) contributions | $48,156,915 |
| Other contributions (incl. rollovers in) | $5,178,436 |
| Administrative expenses paid from the plan | $852,222 |
| Contract administrator fees | $1,200 |
| Investment advisory & management fees | $214,562 |
| Benefits paid out | $61,384,812 |
| Net assets, start / end of year | $709.7M / $808.7M |
| Active participants, start / end of year | 10,211 / 11,131 |
| Participants with account balances | 12,200 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Greerwalker LLP |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $593,279 reported compensation |
| Strategic Advisors, Inc. | $147,424 reported compensation |
| Mercer Investment Management Inc | $67,138 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014130115NAL0005948674001, received 2025-10-14, EIN 51-0473500, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.