Lakewood Health System 401(k) Review & Grade
Lakewood Health System 401(k) Plan
Staples, MNHealth Care & Social Assistance834 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,738Employer $ per active participant
$3,876Employee $ saved per active participant
0.24%Direct admin cost, % of plan assets
$78.4MNet plan assets, end of year
$75,568Average balance per account
Score breakdown
- Employer generosity33.0 / 5066th percentile for employer $ per participant
- Low cost12.0 / 2548th percentile for low admin cost vs. same-size plans
- Employee saving10.0 / 1567th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score62 / 100 · Grade B
This plan vs. peers
Peers: Health Care & Social Assistance plans with 500–2,499 active participants (1,427 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 66th |
| Lower admin cost | 48th |
| Employee saving | 67th |
| Peers that auto-enroll | 36% |
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Red flags from the filing
Corrective distributions: the plan refunded $27,294 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Lakewood Health System put in about $1,738 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 | $1,448,521 |
| Participant (employee) contributions | $3,230,937 |
| Other contributions (incl. rollovers in) | $740,850 |
| Administrative expenses paid from the plan | $185,717 |
| Investment advisory & management fees | $133,815 |
| Benefits paid out | $9,287,217 |
| Net assets, start / end of year | $73.6M / $78.4M |
| Active participants, start / end of year | 816 / 851 |
| Participants with account balances | 1,037 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Ds&b, LTD. |
Largest service providers (Schedule C)
| Creative Planning, LLC | $133,815 reported compensation |
| Wipfli LLP | $51,529 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015102315NAL0002140595001, received 2025-10-15, EIN 41-1842965, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.