Shannon Medical Center 401(k) Review & Grade
Shannon Medical Center 401(k) Savings and Retirement Plan
San Angelo, TXHealth Care & Social Assistance4,252 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$2,264Employer $ per active participant
$4,653Employee $ saved per active participant
0.14%Direct admin cost, % of plan assets
$460.8MNet plan assets, end of year
$83,731Average balance per account
Score breakdown
- Employer generosity37.0 / 5074th percentile for employer $ per participant
- Low cost11.3 / 2545th percentile for low admin cost vs. same-size plans
- Employee saving10.0 / 1567th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score68 / 100 · Grade B
This plan vs. peers
Peers: Health Care & Social Assistance plans with 2,500–9,999 active participants (312 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 74th |
| Lower admin cost | 45th |
| Employee saving | 67th |
| Peers that auto-enroll | 38% |
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Red flags from the filing
No red flags were reported on this filing's compliance questions.
What to do if you're in this plan
- Shannon Medical Center put in about $2,264 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 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 | $9,625,759 |
| Participant (employee) contributions | $19,786,158 |
| Other contributions (incl. rollovers in) | $1,914,643 |
| Administrative expenses paid from the plan | $619,802 |
| Investment advisory & management fees | $63,750 |
| Other admin expenses | $3,239 |
| Benefits paid out | $33,842,222 |
| Net assets, start / end of year | $408.2M / $460.8M |
| Active participants, start / end of year | 4,087 / 4,417 |
| Participants with account balances | 5,503 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Forvis Mazars, LLP |
Largest service providers (Schedule C)
| Milliman, Inc. | $481,269 reported compensation |
| Cook Street Consulting | $63,750 reported compensation |
| Charles Schwab Trust Bank | $57,894 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251007103315NAL0004440897001, received 2025-10-07, EIN 75-2559845, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.