Penn State Health 401(k) Review & Grade
Penn State Health 401(k) Savings Plan
Hershey, PAHealth Care & Social Assistance15,638 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$5,419Employer $ per active participant
$7,363Employee $ saved per active participant
0.03%Direct admin cost, % of plan assets
$2.9BNet plan assets, end of year
$134,491Average balance per account
Score breakdown
- Employer generosity48.7 / 5097th percentile for employer $ per participant
- Low cost21.4 / 2586th percentile for low admin cost vs. same-size plans
- Employee saving13.9 / 1593th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-10 pts1 issue reported on the filing
Total score77 / 100 · Grade A
This plan vs. peers
Peers: Health Care & Social Assistance plans with 10,000+ active participants (115 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 97th |
| Lower admin cost | 86th |
| Employee saving | 93th |
| Peers that auto-enroll | 52% |
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Red flags from the filing
Late deposits: the filing says some employee contributions were not sent to the plan on time ($4,483 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
What to do if you're in this plan
- Penn State Health put in about $5,419 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 reported late deposits of employee contributions. Compare your pay stubs with your account statements, and contact the plan administrator if money shows up late.
- 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 | $84,735,927 |
| Participant (employee) contributions | $115,149,353 |
| Other contributions (incl. rollovers in) | $20,297,997 |
| Administrative expenses paid from the plan | $751,094 |
| Investment advisory & management fees | $396,961 |
| Benefits paid out | $204,168,816 |
| Net assets, start / end of year | $2.6B / $2.9B |
| Active participants, start / end of year | 15,556 / 15,720 |
| Participants with account balances | 21,753 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Forvis, LLP |
Largest service providers (Schedule C)
| Empower Advisory Group, LLC | $334,577 reported compensation |
| Empower Annuity Investment Company | $310,318 reported compensation |
| Forvis, LLP | $30,818 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250729100026NAL0007067362001, received 2025-07-29, EIN 47-3769205, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.