Meriter Health Systems, Inc. 401(k) Review & Grade
Meriter 401(k) Plan
Madison, WIHealth Care & Social Assistance3,351 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$2,110Employer $ per active participant
$4,927Employee $ saved per active participant
0.06%Direct admin cost, % of plan assets
$334.6MNet plan assets, end of year
$73,388Average balance per account
Score breakdown
- Employer generosity35.9 / 5072th percentile for employer $ per participant
- Low cost18.1 / 2572th percentile for low admin cost vs. same-size plans
- Employee saving10.6 / 1570th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-23 pts3 issues reported on the filing
Total score45 / 100 · Grade C
This plan vs. peers
Peers: Health Care & Social Assistance plans with 2,500–9,999 active participants (312 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 72th |
| Lower admin cost | 72th |
| Employee saving | 70th |
| Peers that auto-enroll | 38% |
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Red flags from the filing
Late deposits: the filing says some employee contributions were not sent to the plan on time ($642,580 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 $544 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Meriter Health Systems put in about $2,110 per active participant, more than the typical peer ($800). 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 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 | $7,071,742 |
| Participant (employee) contributions | $16,511,168 |
| Other contributions (incl. rollovers in) | $2,716,338 |
| Administrative expenses paid from the plan | $194,583 |
| Contract administrator fees | $300 |
| Investment advisory & management fees | $45,764 |
| Benefits paid out | $28,590,313 |
| Net assets, start / end of year | $297.4M / $334.6M |
| Active participants, start / end of year | 3,248 / 3,454 |
| Participants with account balances | 4,559 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Cliftonlarsonallen, LLP |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $159,966 reported compensation |
| Strategic Advisors, Inc. | $36,700 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250918140340NAL0001611344001, received 2025-09-18, EIN 39-1412318, plan #003, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.