Davis Memorial Hospital 401(k) Review & Grade
Davis Health System 401(k) Profit Sharing Plan
Elkins, WVHealth Care & Social Assistance894 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$541Employer $ per active participant
$2,305Employee $ saved per active participant
0.35%Direct admin cost, % of plan assets
$34.3MNet plan assets, end of year
$23,545Average balance per account
Score breakdown
- Employer generosity18.5 / 5037th percentile for employer $ per participant
- Low cost8.8 / 2535th percentile for low admin cost vs. same-size plans
- Employee saving6.9 / 1546th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score44 / 100 · Grade D
This plan vs. peers
Peers: Health Care & Social Assistance plans with 500–2,499 active participants (1,427 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 37th |
| Lower admin cost | 35th |
| Employee saving | 46th |
| Peers that auto-enroll | 36% |
Get the monthly 401(k) report card
The best and worst plans, new grades as filings post. One email a month, no spam.
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
- Davis Memorial Hospital put in about $541 per active participant, below the typical peer ($976). Any match is still an instant return, so contribute enough to get all of it.
- 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 (0.35% of assets) are well above similar-size plans (0.23%). 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.
- 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 | $483,570 |
| Participant (employee) contributions | $2,061,461 |
| Other contributions (incl. rollovers in) | $89,412 |
| Administrative expenses paid from the plan | $116,472 |
| Benefits paid out | $4,340,536 |
| Net assets, start / end of year | $32.6M / $34.3M |
| Active participants, start / end of year | 909 / 880 |
| Participants with account balances | 1,458 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Baker Tilly, US LLP |
Largest service providers (Schedule C)
| Alerus Financial | $116,473 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251010084550NAL0007822753001, received 2025-10-10, EIN 55-0375433, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.