Baycare Health System 401(k) Review & Grade
Baycare Health System Retirement Plan
Clearwater, FLHealth Care & Social Assistance32,464 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$2,917Employer $ per active participant
$6,008Employee $ saved per active participant
0.06%Direct admin cost, % of plan assets
$3.1BNet plan assets, end of year
$79,303Average balance per account
Score breakdown
- Employer generosity32.5 / 5065th percentile for employer $ per participant
- Low cost16.8 / 2567th percentile for low admin cost vs. same-size plans
- Employee saving11.2 / 1575th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-13 pts2 issues 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 | 65th |
| Lower admin cost | 67th |
| Employee saving | 75th |
| Peers that auto-enroll | 52% |
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Red flags from the filing
Benefits not paid when due: the plan reported failing to pay some benefits on time.
Corrective distributions: the plan refunded $9,494 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Baycare Health System put in about $2,917 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.
- 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 | $94,692,185 |
| Participant (employee) contributions | $195,037,173 |
| Other contributions (incl. rollovers in) | $34,384,225 |
| Administrative expenses paid from the plan | $1,626,681 |
| Contract administrator fees | $5,700 |
| Other admin expenses | $183,576 |
| Benefits paid out | $281,378,765 |
| Net assets, start / end of year | $2.7B / $3.1B |
| Active participants, start / end of year | 31,828 / 33,101 |
| Participants with account balances | 39,256 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | KPMG LLP |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $1,443,105 reported compensation |
| Capfinancial Partners, LLC | $135,000 reported compensation |
| KPMG LLP | $30,900 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250902133416NAL0008796499001, received 2025-09-02, EIN 59-2796965, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.