Springfield Clinic, LLP 401(k) Review & Grade
Springfield Clinic, LLP 401(k) Employees' Benefit and Retirement Plan
Springfield, ILHealth Care & Social Assistance3,842 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$5,673Employer $ per active participant
$6,748Employee $ saved per active participant
0.07%Direct admin cost, % of plan assets
$516.7MNet plan assets, end of year
$113,641Average balance per account
Score breakdown
- Employer generosity47.3 / 5095th percentile for employer $ per participant
- Low cost17.4 / 2569th percentile for low admin cost vs. same-size plans
- Employee saving13.0 / 1587th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score85 / 100 · Grade A
This plan vs. peers
Peers: Health Care & Social Assistance plans with 2,500–9,999 active participants (312 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 95th |
| Lower admin cost | 69th |
| Employee saving | 87th |
| Peers that auto-enroll | 38% |
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Red flags from the filing
Corrective distributions: the plan refunded $95,495 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Springfield Clinic, LLP put in about $5,673 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 | $21,793,996 |
| Participant (employee) contributions | $25,924,183 |
| Other contributions (incl. rollovers in) | $5,376,559 |
| Administrative expenses paid from the plan | $322,867 |
| Investment advisory & management fees | $122,969 |
| Other admin expenses | $23,670 |
| Benefits paid out | $50,211,374 |
| Net assets, start / end of year | $441.8M / $516.7M |
| Active participants, start / end of year | 3,564 / 4,120 |
| Participants with account balances | 4,547 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Crowe LLP |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company 1 | $175,959 reported compensation |
| The Ascent Group LLC | $122,969 reported compensation |
| Empower Financial Services, Inc. | $270 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20260508143803NAL0004763200001, received 2026-05-08, EIN 37-0701328, plan #003, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.