Ridgeview Medical Center, Inc. 401(k) Review & Grade
Ridgeview Medical Center, Inc. Retirement Savings Plan
Waconia, MNHealth Care & Social Assistance2,486 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$2,061Employer $ per active participant
$4,837Employee $ saved per active participant
0.10%Direct admin cost, % of plan assets
$237.7MNet plan assets, end of year
$105,147Average balance per account
Score breakdown
- Employer generosity35.7 / 5071th percentile for employer $ per participant
- Low cost18.5 / 2574th percentile for low admin cost vs. same-size plans
- Employee saving11.6 / 1577th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score66 / 100 · Grade B
This plan vs. peers
Peers: Health Care & Social Assistance plans with 500–2,499 active participants (1,427 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 71th |
| Lower admin cost | 74th |
| Employee saving | 77th |
| Peers that auto-enroll | 36% |
Get the monthly 401(k) report card
The best and worst plans, new grades as filings post. One email a month, no spam.
Red flags from the filing
Corrective distributions: the plan refunded $28,968 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Ridgeview Medical Center put in about $2,061 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 | $5,124,444 |
| Participant (employee) contributions | $12,026,504 |
| Other contributions (incl. rollovers in) | $3,223,612 |
| Administrative expenses paid from the plan | $220,535 |
| Contract administrator fees | $210,442 |
| Other admin expenses | $10,093 |
| Benefits paid out | $16,661,091 |
| Net assets, start / end of year | $204.5M / $237.7M |
| Active participants, start / end of year | 2,451 / 2,522 |
| Participants with account balances | 2,261 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Cliftonlarsonallen LLP |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $208,683 reported compensation |
| Wilshire Advisors LLC | $0 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014090738NAL0002470113001, received 2025-10-14, EIN 31-1667875, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.