University of Minnesota Physicians 401(k) Review & Grade
University of Minnesota Physicians Retirement Savings and 401(k) Plan
Minneapolis, MNHealth Care & Social Assistance4,654 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$11,098Employer $ per active participant
$7,660Employee $ saved per active participant
0.05%Direct admin cost, % of plan assets
$1.1BNet plan assets, end of year
$187,115Average balance per account
Score breakdown
- Employer generosity49.4 / 5099th percentile for employer $ per participant
- Low cost19.6 / 2579th percentile for low admin cost vs. same-size plans
- Employee saving13.5 / 1590th percentile for employee $ per participant
- Plan features7 / 10Auto-enrollment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score87 / 100 · Grade A
This plan vs. peers
Peers: Health Care & Social Assistance plans with 2,500–9,999 active participants (312 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 99th |
| Lower admin cost | 79th |
| Employee saving | 90th |
| Peers that auto-enroll | 38% |
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Red flags from the filing
Corrective distributions: the plan refunded $84,453 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- University of Minnesota Physicians put in about $11,098 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.
- 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 | $51,650,095 |
| Participant (employee) contributions | $35,648,457 |
| Other contributions (incl. rollovers in) | $6,481,894 |
| Administrative expenses paid from the plan | $508,770 |
| Benefits paid out | $57,905,230 |
| Net assets, start / end of year | $932.7M / $1.1B |
| Active participants, start / end of year | 4,568 / 4,740 |
| Participants with account balances | 5,912 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Cliftonlarsonallen LLP |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company O | $507,270 reported compensation |
| Qdro Consultants | $1,500 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250716132733NAL0002447363001, received 2025-07-16, EIN 41-1843943, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.