Midwest Health, Inc. 401(k) Review & Grade
Midwest Health Services Retirement Plan
Topeka, KSHealth Care & Social Assistance1,619 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$158Employer $ per active participant
$1,202Employee $ saved per active participant
0.93%Direct admin cost, % of plan assets
$19.8MNet plan assets, end of year
–Average balance per account (account count looks misreported)
Score breakdown
- Employer generosity9.7 / 5019th percentile for employer $ per participant
- Low cost1.9 / 257th percentile for low admin cost vs. same-size plans
- Employee saving4.0 / 1527th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score16 / 100 · Grade F
This plan vs. peers
Peers: Health Care & Social Assistance plans with 500–2,499 active participants (1,427 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 19th |
| Lower admin cost | 7th |
| Employee saving | 27th |
| Peers that auto-enroll | 36% |
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Red flags from the filing
Corrective distributions: the plan refunded $55,191 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Midwest Health put in about $158 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.
- Direct plan expenses (0.93% of assets) are well above similar-size plans (0.23%). Check your annual fee disclosure, choose low-cost index funds if you can, and think about whether savings beyond the match belong in an IRA.
- 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 | $256,372 |
| Participant (employee) contributions | $1,945,969 |
| Other contributions (incl. rollovers in) | $36,297 |
| Administrative expenses paid from the plan | $176,938 |
| Contract administrator fees | $122,123 |
| Investment advisory & management fees | $54,815 |
| Benefits paid out | $2,351,714 |
| Net assets, start / end of year | $18.1M / $19.8M |
| Active participants, start / end of year | 1,731 / 1,507 |
| Participants with account balances | 601 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Bt&co., P.A. |
Largest service providers (Schedule C)
| Lincoln National Corporation | $122,123 reported compensation |
| Wells Fargo Clearing Services LLC | $54,815 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251002104629NAL0000257955001, received 2025-10-02, EIN 48-1247583, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.