North Memorial Health Care 401(k) Review & Grade
North Memorial Health
Robbinsdale, MNHealth Care & Social Assistance6,755 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$3,048Employer $ per active participant
$5,790Employee $ saved per active participant
0.11%Direct admin cost, % of plan assets
$778.3MNet plan assets, end of year
$116,947Average balance per account
Score breakdown
- Employer generosity40.8 / 5082th percentile for employer $ per participant
- Low cost13.9 / 2556th percentile for low admin cost vs. same-size plans
- Employee saving11.9 / 1579th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score67 / 100 · Grade B
This plan vs. peers
Peers: Health Care & Social Assistance plans with 2,500–9,999 active participants (312 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 82th |
| Lower admin cost | 56th |
| Employee saving | 79th |
| Peers that auto-enroll | 38% |
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Red flags from the filing
Corrective distributions: the plan refunded $44,203 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- North Memorial Health Care put in about $3,048 per active participant, more than the typical peer ($800). 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 | $20,589,091 |
| Participant (employee) contributions | $39,110,770 |
| Other contributions (incl. rollovers in) | $7,835,763 |
| Administrative expenses paid from the plan | $712,322 |
| Investment advisory & management fees | $154,406 |
| Other admin expenses | $300 |
| Benefits paid out | $75,032,398 |
| Net assets, start / end of year | $573.7M / $778.3M |
| Active participants, start / end of year | 6,766 / 6,744 |
| Participants with account balances | 6,655 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Deloitte & Touche LLP |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company O | $753,298 reported compensation |
| Empower Advisory Group, LLC | $154,406 reported compensation |
| Qdro Consultants Company, LLC | $300 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015094927NAL0002194163001, received 2025-10-15, EIN 41-0729979, plan #005, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.