Summa Health 401(k) Review & Grade
Summa Health 401(k) Retirement Savings Plan
Akron, OHHealth Care & Social Assistance629 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$455Employer $ per active participant
$3,269Employee $ saved per active participant
0.13%Direct admin cost, % of plan assets
$62.4MNet plan assets, end of year
$55,146Average balance per account
Score breakdown
- Employer generosity16.4 / 5033th percentile for employer $ per participant
- Low cost17.0 / 2568th percentile for low admin cost vs. same-size plans
- Employee saving8.9 / 1559th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score42 / 100 · Grade D
This plan vs. peers
Peers: Health Care & Social Assistance plans with 500–2,499 active participants (1,427 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 33th |
| Lower admin cost | 68th |
| Employee saving | 59th |
| Peers that auto-enroll | 36% |
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Red flags from the filing
Corrective distributions: the plan refunded $33,475 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Summa Health put in about $455 per active participant, below the typical peer ($976). 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.
- 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 | $286,176 |
| Participant (employee) contributions | $2,056,277 |
| Other contributions (incl. rollovers in) | $120,688 |
| Administrative expenses paid from the plan | $75,820 |
| Contract administrator fees | $300 |
| Investment advisory & management fees | $18,190 |
| Benefits paid out | $6,676,815 |
| Net assets, start / end of year | $57.6M / $62.4M |
| Active participants, start / end of year | 336 / 922 |
| Participants with account balances | 1,132 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Bdo USA P.C. |
Largest service providers (Schedule C)
| Strategic Advisors, Inc. | $18,187 reported compensation |
| Highland Consulting Associates, in | $5,000 reported compensation |
| Fidelity Investments Institutional | −$49,366 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250917113236NAL0000223411001, received 2025-09-17, EIN 46-1145832, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.