Northwestern Memorial Healthcare 401(k) Review & Grade
Northwestern Memorial Employee 401(k) Pre-Tax Savings Plan
Chicago, ILHealth Care & Social Assistance37,156 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$5,183Employer $ per active participant
$8,037Employee $ saved per active participant
0.05%Direct admin cost, % of plan assets
$5.4BNet plan assets, end of year
$103,825Average balance per account
Score breakdown
- Employer generosity47.4 / 5095th percentile for employer $ per participant
- Low cost18.2 / 2573th percentile for low admin cost vs. same-size plans
- Employee saving14.5 / 1596th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score77 / 100 · Grade A
This plan vs. peers
Peers: Health Care & Social Assistance plans with 10,000+ active participants (115 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 95th |
| Lower admin cost | 73th |
| Employee saving | 96th |
| Peers that auto-enroll | 52% |
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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 ($7,500 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $239,972 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Northwestern Memorial Healthcare put in about $5,183 per active participant, more than the typical peer ($2,086). 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.
- 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 | $192,587,794 |
| Participant (employee) contributions | $298,625,678 |
| Other contributions (incl. rollovers in) | $52,548,002 |
| Administrative expenses paid from the plan | $2,359,247 |
| Investment advisory & management fees | $70,000 |
| Benefits paid out | $333,099,787 |
| Net assets, start / end of year | $4.5B / $5.4B |
| Active participants, start / end of year | 35,963 / 38,348 |
| Participants with account balances | 52,344 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Ernst & Young LLP |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $1,409,712 reported compensation |
| Mercer Investments LLC | $70,000 reported compensation |
| Akerman LLP | $62,432 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250813083153NAL0007958803001, received 2025-08-13, EIN 36-3152959, plan #003, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.