Children's Health System, Inc. 401(k) Review & Grade
Children's Health System, Inc. 401(k) Plan
Norfolk, VAHealth Care & Social Assistance4,153 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$2,273Employer $ per active participant
$5,090Employee $ saved per active participant
0.21%Direct admin cost, % of plan assets
$321.8MNet plan assets, end of year
$84,550Average balance per account
Score breakdown
- Employer generosity37.1 / 5074th percentile for employer $ per participant
- Low cost8.4 / 2534th percentile for low admin cost vs. same-size plans
- Employee saving11.0 / 1573th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score60 / 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 | 34th |
| Employee saving | 73th |
| Peers that auto-enroll | 38% |
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Red flags from the filing
No red flags were reported on this filing's compliance questions.
What to do if you're in this plan
- Children's Health System put in about $2,273 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.
- Direct plan expenses (0.21% of assets) are well above similar-size plans (0.12%). Check your annual fee disclosure, choose low-cost index funds if you can, and think about whether savings beyond the match belong in an IRA.
- 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 | $9,441,414 |
| Participant (employee) contributions | $21,136,953 |
| Other contributions (incl. rollovers in) | $4,482,511 |
| Administrative expenses paid from the plan | $614,050 |
| Contract administrator fees | $611,450 |
| Other admin expenses | $713 |
| Benefits paid out | $24,733,017 |
| Net assets, start / end of year | $275.4M / $321.8M |
| Active participants, start / end of year | 4,102 / 4,204 |
| Participants with account balances | 3,806 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Forvis Mazars, LLP |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $626,602 reported compensation |
| KPMG LLP | $31,200 reported compensation |
| NFP Retirement, Inc. | $25,000 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015141325NAL0010003186001, received 2025-10-15, EIN 54-1278830, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.