Fairview Health Services 401(k) Review & Grade
Fairview Health Services 403b Plan
Minneapolis, MNHealth Care & Social Assistance24,604 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$2,854Employer $ per active participant
$6,612Employee $ saved per active participant
0.06%Direct admin cost, % of plan assets
$3.3BNet plan assets, end of year
$97,135Average balance per account
Score breakdown
- Employer generosity31.6 / 5063th percentile for employer $ per participant
- Low cost15.9 / 2563th percentile for low admin cost vs. same-size plans
- Employee saving12.5 / 1583th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-18 pts3 issues reported on the filing
Total score52 / 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 | 63th |
| Lower admin cost | 63th |
| Employee saving | 83th |
| Peers that auto-enroll | 52% |
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Red flags from the filing
Benefits not paid when due: the plan reported failing to pay some benefits on time.
Auditor disclaimer: the auditor issued a disclaimer of opinion.
Corrective distributions: the plan refunded $26,548 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Fairview Health Services put in about $2,854 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.
- 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 | $70,211,146 |
| Participant (employee) contributions | $162,678,781 |
| Other contributions (incl. rollovers in) | $19,855,731 |
| Administrative expenses paid from the plan | $1,928,866 |
| Contract administrator fees | $7,200 |
| Investment advisory & management fees | $503,188 |
| Benefits paid out | $268,413,298 |
| Net assets, start / end of year | $2.9B / $3.3B |
| Active participants, start / end of year | 24,432 / 24,777 |
| Participants with account balances | 34,066 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Cliftonlarsonallen LLP |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $1,425,678 reported compensation |
| Strategic Advisors, Inc. | $503,188 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250804135451NAL0001377840001, received 2025-08-04, EIN 41-0991680, plan #015, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.