ST Luke's Hospital of Duluth 401(k) Review & Grade
ST. Luke's Hospital of Duluth Savings Plan
Duluth, MNHealth Care & Social Assistance2,975 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$2,261Employer $ per active participant
$6,517Employee $ saved per active participant
0.07%Direct admin cost, % of plan assets
$422.9MNet plan assets, end of year
$132,872Average balance per account
Score breakdown
- Employer generosity36.8 / 5074th percentile for employer $ per participant
- Low cost17.5 / 2570th percentile for low admin cost vs. same-size plans
- Employee saving12.7 / 1585th 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 | 74th |
| Lower admin cost | 70th |
| Employee saving | 85th |
| Peers that auto-enroll | 38% |
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Red flags from the filing
Corrective distributions: the plan refunded $56,465 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- ST Luke's Hospital of Duluth put in about $2,261 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 | $6,727,590 |
| Participant (employee) contributions | $19,388,545 |
| Other contributions (incl. rollovers in) | $3,478,786 |
| Administrative expenses paid from the plan | $262,739 |
| Contract administrator fees | $300 |
| Other admin expenses | $21,630 |
| Benefits paid out | $39,594,505 |
| Net assets, start / end of year | $379.7M / $422.9M |
| Active participants, start / end of year | 2,855 / 3,095 |
| Participants with account balances | 3,183 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Cliftonlarsonallen LLP |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $241,142 reported compensation |
| Capfinancial Partners, LLC | $21,630 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251009143707NAL0011669424001, received 2025-10-09, EIN 41-0714079, plan #003, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.