Monarch Healthcare Management, LLC 401(k) Review & Grade
Monarch Healthcare 401(k) Plan
Mankato, MNHealth Care & Social Assistance4,830 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$528Employer $ per active participant
$1,004Employee $ saved per active participant
0.41%Direct admin cost, % of plan assets
$34.8MNet plan assets, end of year
–Average balance per account (account count looks misreported)
Score breakdown
- Employer generosity22.0 / 5044th percentile for employer $ per participant
- Low cost4.0 / 2516th percentile for low admin cost vs. same-size plans
- Employee saving4.0 / 1526th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score20 / 100 · Grade F
This plan vs. peers
Peers: Health Care & Social Assistance plans with 2,500–9,999 active participants (312 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 44th |
| Lower admin cost | 16th |
| Employee saving | 26th |
| Peers that auto-enroll | 38% |
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 ($1,290,772 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $161,561 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Monarch Healthcare Management put in about $528 per active participant, below the typical peer ($800). 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 (0.41% of assets) are well above similar-size plans (0.12%). 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.
- 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 | $2,552,175 |
| Participant (employee) contributions | $4,850,209 |
| Other contributions (incl. rollovers in) | $1,991,725 |
| Administrative expenses paid from the plan | $125,978 |
| Contract administrator fees | $90,998 |
| Investment advisory & management fees | $34,980 |
| Benefits paid out | $4,727,952 |
| Net assets, start / end of year | $27.0M / $34.8M |
| Active participants, start / end of year | 4,137 / 5,522 |
| Participants with account balances | 1,564 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Cliftonlarsonallen LLP |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $100,891 reported compensation |
| NFP Retirement Inc. | $35,011 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014094119NAL0001187875001, received 2025-10-14, EIN 47-3799342, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.