Sanford 401(k) Review & Grade
Sanford Retirement Savings Plan
Fargo, NDHealth Care & Social Assistance32,551 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$3,404Employer $ per active participant
$5,951Employee $ saved per active participant
0.05%Direct admin cost, % of plan assets
$3.6BNet plan assets, end of year
$92,847Average balance per account
Score breakdown
- Employer generosity37.7 / 5075th percentile for employer $ per participant
- Low cost18.2 / 2573th percentile for low admin cost vs. same-size plans
- Employee saving11.1 / 1574th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score74 / 100 · Grade B
This plan vs. peers
Peers: Health Care & Social Assistance plans with 10,000+ active participants (115 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 75th |
| Lower admin cost | 73th |
| Employee saving | 74th |
| Peers that auto-enroll | 52% |
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Red flags from the filing
Corrective distributions: the plan refunded $60,983 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Sanford put in about $3,404 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.
- 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 | $110,815,152 |
| Participant (employee) contributions | $193,698,984 |
| Other contributions (incl. rollovers in) | $18,179,211 |
| Administrative expenses paid from the plan | $1,591,249 |
| Contract administrator fees | $1,591,249 |
| Benefits paid out | $279,665,834 |
| Net assets, start / end of year | $3.1B / $3.6B |
| Active participants, start / end of year | 31,958 / 33,144 |
| Participants with account balances | 38,800 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Eide Bailly, LLP |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $1,591,249 reported compensation |
| Wilshire Advisors LLC | $0 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250731155533NAL0013701154001, received 2025-07-31, EIN 27-1218956, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.