Providence Health & Services 401(k) Review & Grade
401(k) Savings Plan
Renton, WAHealth Care & Social Assistance87,784 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$6,091Employer $ per active participant
$9,779Employee $ saved per active participant
0.07%Direct admin cost, % of plan assets
$10.1BNet plan assets, end of year
$93,271Average balance per account
Score breakdown
- Employer generosity50.0 / 50100th percentile for employer $ per participant
- Low cost14.5 / 2558th percentile for low admin cost vs. same-size plans
- Employee saving14.9 / 1599th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score76 / 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 | 100th |
| Lower admin cost | 58th |
| Employee saving | 99th |
| 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 ($2,254,715 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $190,921 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Providence Health & Services put in about $6,091 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.
- 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 | $534,651,875 |
| Participant (employee) contributions | $858,432,751 |
| Other contributions (incl. rollovers in) | $98,443,165 |
| Administrative expenses paid from the plan | $6,439,793 |
| Contract administrator fees | $771,519 |
| Investment advisory & management fees | $1,393,949 |
| Benefits paid out | $736,011,531 |
| Net assets, start / end of year | $8.1B / $10.1B |
| Active participants, start / end of year | 86,668 / 88,899 |
| Participants with account balances | 108,009 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Clark Nuber, P.S. |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $4,205,325 reported compensation |
| Strategic Advisors, Inc. | $1,393,949 reported compensation |
| 7sm | $395,715 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015171731NAL0002804531001, received 2025-10-15, EIN 51-0216586, plan #010, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.