The Cleveland Clinic Foundation 401(k) Review & Grade
Cleveland Clinic 401(k) Plan
Cleveland, OHHealth Care & Social Assistance8,377 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,562Employer $ per active participant
$5,396Employee $ saved per active participant
0.04%Direct admin cost, % of plan assets
$969.1MNet plan assets, end of year
$90,801Average balance per account
Score breakdown
- Employer generosity31.5 / 5063th percentile for employer $ per participant
- Low cost21.6 / 2586th percentile for low admin cost vs. same-size plans
- Employee saving11.3 / 1576th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score71 / 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 | 63th |
| Lower admin cost | 86th |
| Employee saving | 76th |
| Peers that auto-enroll | 38% |
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Red flags from the filing
Corrective distributions: the plan refunded $18,752 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Cleveland Clinic Foundation put in about $1,562 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 | $13,088,735 |
| Participant (employee) contributions | $45,205,313 |
| Other contributions (incl. rollovers in) | $3,218,720 |
| Administrative expenses paid from the plan | $358,374 |
| Investment advisory & management fees | $101,982 |
| Benefits paid out | $80,157,191 |
| Net assets, start / end of year | $0 / $969.1M |
| Active participants, start / end of year | 0 / 8,377 |
| Participants with account balances | 10,673 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Cbiz Cpas P.C. |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251012183152NAL0000142163001, received 2025-10-12, EIN 34-0714585, plan #004, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.