Bayhealth Medical Center, Inc. 401(k) Review & Grade
Bayhealth Medical Center, Inc. Retirement and Savings Plan
Dover, DEHealth Care & Social Assistance4,515 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$4,258Employer $ per active participant
$5,964Employee $ saved per active participant
0.10%Direct admin cost, % of plan assets
$539.1MNet plan assets, end of year
$86,169Average balance per account
Score breakdown
- Employer generosity44.7 / 5089th percentile for employer $ per participant
- Low cost14.3 / 2557th percentile for low admin cost vs. same-size plans
- Employee saving12.2 / 1581th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score78 / 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 | 89th |
| Lower admin cost | 57th |
| Employee saving | 81th |
| Peers that auto-enroll | 38% |
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Red flags from the filing
Corrective distributions: the plan refunded $5,935 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Bayhealth Medical Center put in about $4,258 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 | $19,223,031 |
| Participant (employee) contributions | $26,927,895 |
| Other contributions (incl. rollovers in) | $10,460,858 |
| Administrative expenses paid from the plan | $504,699 |
| Contract administrator fees | $476,503 |
| Investment advisory & management fees | $28,196 |
| Benefits paid out | $33,052,444 |
| Net assets, start / end of year | $459.3M / $539.1M |
| Active participants, start / end of year | 4,411 / 4,619 |
| Participants with account balances | 6,256 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Faw, Casson & Co., LLP |
Largest service providers (Schedule C)
| Lincoln National Corporation | $477,331 reported compensation |
| Morningstar | $16,119 reported compensation |
| Creative Planning, LLC | $12,077 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250916081216NAL0001182099001, received 2025-09-16, EIN 51-0064318, plan #005, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.