Lake Region Healthcare Corporation 401(k) Review & Grade
Lake Region Healthcare Corporation Retirement Plan
Fergus Falls, MNHealth Care & Social Assistance953 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$813Employer $ per active participant
$4,844Employee $ saved per active participant
0.17%Direct admin cost, % of plan assets
$85.2MNet plan assets, end of year
$73,534Average balance per account
Score breakdown
- Employer generosity22.8 / 5046th percentile for employer $ per participant
- Low cost14.7 / 2559th percentile for low admin cost vs. same-size plans
- Employee saving11.6 / 1577th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-23 pts3 issues reported on the filing
Total score36 / 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 | 46th |
| Lower admin cost | 59th |
| Employee saving | 77th |
| 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
Late deposits: the filing says some employee contributions were not sent to the plan on time ($767 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Benefits not paid when due: the plan reported failing to pay some benefits on time.
Corrective distributions: the plan refunded $3,858 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Lake Region Healthcare put in about $813 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.
- 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.
- The plan reported late deposits of employee contributions. Compare your pay stubs with your account statements, and contact the plan administrator if money shows up late.
- 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 | $774,911 |
| Participant (employee) contributions | $4,616,220 |
| Other contributions (incl. rollovers in) | $860,917 |
| Administrative expenses paid from the plan | $140,416 |
| Other admin expenses | $52,652 |
| Benefits paid out | $5,399,233 |
| Net assets, start / end of year | $77.0M / $85.2M |
| Active participants, start / end of year | 956 / 950 |
| Participants with account balances | 1,159 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Cliftonlarsonallen LLP |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $87,764 reported compensation |
| Fiduciaryvest LLC | $52,652 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20260708092231NAL0017060339001, received 2026-07-08, EIN 41-0730602, plan #007, plan year 2024-10-01 to 2025-09-30. Verify at efast.dol.gov.