Wakemed 401(k) Review & Grade
Wakemed Retirement Savings Plan
Raleigh, NCHealth Care & Social Assistance11,763 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$3,391Employer $ per active participant
$5,531Employee $ saved per active participant
0.10%Direct admin cost, % of plan assets
$1.4BNet plan assets, end of year
$92,292Average balance per account
Score breakdown
- Employer generosity37.3 / 5075th percentile for employer $ per participant
- Low cost11.0 / 2544th percentile for low admin cost vs. same-size plans
- Employee saving10.1 / 1568th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score58 / 100 · Grade C
This plan vs. peers
Peers: Health Care & Social Assistance plans with 10,000+ active participants (115 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 75th |
| Lower admin cost | 44th |
| Employee saving | 68th |
| Peers that auto-enroll | 52% |
Get the monthly 401(k) report card
The best and worst plans, new grades as filings post. One email a month, no spam.
Red flags from the filing
Corrective distributions: the plan refunded $6,581 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Wakemed put in about $3,391 per active participant, more than the typical peer ($2,086). 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.
- 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 | $39,888,337 |
| Participant (employee) contributions | $65,066,258 |
| Other contributions (incl. rollovers in) | $14,854,369 |
| Administrative expenses paid from the plan | $1,345,884 |
| Contract administrator fees | −$300 |
| Investment advisory & management fees | $840,023 |
| Benefits paid out | $109,037,894 |
| Net assets, start / end of year | $1.2B / $1.4B |
| Active participants, start / end of year | 11,105 / 12,421 |
| Participants with account balances | 15,626 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Plante Moran, PLLC |
Largest service providers (Schedule C)
| Strategic Advisors, Inc | $840,167 reported compensation |
| Fidelity Investments Inst Op | $505,861 reported compensation |
| Valic Retirement Services Co. | $0 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251001080620NAL0012922385001, received 2025-10-01, EIN 56-6017737, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.