Premera 401(k) Review & Grade
Premera 401(k) Savings Plan
Mountlake Terrace, WAFinance & Insurance3,394 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$2,754Employer $ per active participant
$9,964Employee $ saved per active participant
0.07%Direct admin cost, % of plan assets
$668.4MNet plan assets, end of year
$141,435Average balance per account
Score breakdown
- Employer generosity11.1 / 5022th percentile for employer $ per participant
- Low cost17.2 / 2569th 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 score45 / 100 · Grade C
This plan vs. peers
Peers: Finance & Insurance plans with 2,500–9,999 active participants (199 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 22th |
| Lower admin cost | 69th |
| Employee saving | 67th |
| Peers that auto-enroll | 66% |
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Red flags from the filing
Corrective distributions: the plan refunded $9,493 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Premera put in about $2,754 per active participant, below the typical peer ($4,489). 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.
- 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 | $9,346,262 |
| Participant (employee) contributions | $33,814,047 |
| Other contributions (incl. rollovers in) | $3,761,910 |
| Administrative expenses paid from the plan | $434,090 |
| Other admin expenses | $434,090 |
| Benefits paid out | $55,267,818 |
| Net assets, start / end of year | $600.8M / $668.4M |
| Active participants, start / end of year | 3,497 / 3,290 |
| Participants with account balances | 4,726 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Ernst & Young LLP |
Largest service providers (Schedule C)
| The Vanguard Group, Inc. | $305,507 reported compensation |
| Vanguard Advisers Inc. | $144,783 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250723171546NAL0002191843001, received 2025-07-23, EIN 91-1662324, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.