Wellmark, Inc. 401(k) Review & Grade
Wellmark, Inc. Savings and Investment Plan
Des Moines, IAFinance & Insurance1,937 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$5,516Employer $ per active participant
$11,026Employee $ saved per active participant
0.05%Direct admin cost, % of plan assets
$467.9MNet plan assets, end of year
$203,012Average balance per account
Score breakdown
- Employer generosity35.7 / 5071th percentile for employer $ per participant
- Low cost22.0 / 2588th percentile for low admin cost vs. same-size plans
- Employee saving11.9 / 1580th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score77 / 100 · Grade A
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 71th |
| Lower admin cost | 88th |
| Employee saving | 80th |
| Peers that auto-enroll | 62% |
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Red flags from the filing
Corrective distributions: the plan refunded $6,239 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Wellmark put in about $5,516 per active participant, more than the typical peer ($3,606). 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 | $10,684,856 |
| Participant (employee) contributions | $21,356,467 |
| Other contributions (incl. rollovers in) | $4,203,212 |
| Administrative expenses paid from the plan | $211,649 |
| Contract administrator fees | $188,451 |
| Investment advisory & management fees | $22,023 |
| Other admin expenses | $1,175 |
| Benefits paid out | $41,717,196 |
| Net assets, start / end of year | $410.2M / $467.9M |
| Active participants, start / end of year | 1,944 / 1,930 |
| Participants with account balances | 2,305 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Forvis Mazars, LLP |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $188,200 reported compensation |
| Mercer | $22,023 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250911130636NAL0000527713001, received 2025-09-11, EIN 42-0318333, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.