Banner Health 401(k) Review & Grade
Banner Health Employees 401(k) Plan
Phoenix, AZHealth Care & Social Assistance55,790 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$2,233Employer $ per active participant
$5,281Employee $ saved per active participant
0.09%Direct admin cost, % of plan assets
$4.9BNet plan assets, end of year
$89,583Average balance per account
Score breakdown
- Employer generosity27.2 / 5054th percentile for employer $ per participant
- Low cost12.5 / 2550th percentile for low admin cost vs. same-size plans
- Employee saving9.5 / 1563th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score49 / 100 · Grade C
This plan vs. peers
Peers: Health Care & Social Assistance plans with 10,000+ active participants (115 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 54th |
| Lower admin cost | 50th |
| Employee saving | 63th |
| Peers that auto-enroll | 52% |
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Red flags from the filing
Corrective distributions: the plan refunded $69,234 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Banner Health put in about $2,233 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.
- 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 | $124,603,057 |
| Participant (employee) contributions | $294,601,526 |
| Other contributions (incl. rollovers in) | $39,986,670 |
| Administrative expenses paid from the plan | $3,967,263 |
| Investment advisory & management fees | $1,669,654 |
| Other admin expenses | $300,570 |
| Benefits paid out | $434,821,293 |
| Net assets, start / end of year | $4.3B / $4.9B |
| Active participants, start / end of year | 54,731 / 56,849 |
| Participants with account balances | 54,905 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Baker Tilly US, LLP |
Largest service providers (Schedule C)
| Fidelity Inv. Inst. Ops.co,inc. | $1,997,039 reported compensation |
| Strategic Advisors, Inc. | $1,669,654 reported compensation |
| Banner Health | $300,570 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251002143859NAL0000370131001, received 2025-10-02, EIN 45-0233470, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.