Fairview Health Services 401(k) Review & Grade
Grand Itasca Clinic & Hospital 401(k) Plan and Trust
Grand Rapids, MNHealth Care & Social Assistance784 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$3,967Employer $ per active participant
$6,031Employee $ saved per active participant
0.06%Direct admin cost, % of plan assets
$114.0MNet plan assets, end of year
$116,196Average balance per account
Score breakdown
- Employer generosity43.8 / 5088th percentile for employer $ per participant
- Low cost20.9 / 2583th percentile for low admin cost vs. same-size plans
- Employee saving13.2 / 1588th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-10 pts1 issue reported on the filing
Total score78 / 100 · Grade A
This plan vs. peers
Peers: Health Care & Social Assistance plans with 500–2,499 active participants (1,427 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 88th |
| Lower admin cost | 83th |
| Employee saving | 88th |
| Peers that auto-enroll | 36% |
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Red flags from the filing
Benefits not paid when due: the plan reported failing to pay some benefits on time.
What to do if you're in this plan
- Fairview Health Services put in about $3,967 per active participant, more than the typical peer ($976). 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 | $3,112,018 |
| Participant (employee) contributions | $4,731,234 |
| Other contributions (incl. rollovers in) | $1,755,482 |
| Administrative expenses paid from the plan | $67,361 |
| Contract administrator fees | $1,800 |
| Investment advisory & management fees | $26,731 |
| Other admin expenses | $32,890 |
| Benefits paid out | $8,894,071 |
| Net assets, start / end of year | $99.2M / $114.0M |
| Active participants, start / end of year | 741 / 828 |
| Participants with account balances | 981 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Cliftonlarsonallen LLP |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $40,630 reported compensation |
| Strategic Advisors, Inc. | $26,731 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250724121322NAL0011392562001, received 2025-07-24, EIN 41-1865874, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.