Cottage Health 401(k) Review & Grade
Cottage Health 403(b) Retirement Savings Plan
Santa Barbara, CAHealth Care & Social Assistance2,045 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$0Employer $ per active participant
$5,198Employee $ saved per active participant
0.16%Direct admin cost, % of plan assets
$67.0MNet plan assets, end of year
$62,767Average balance per account
Score breakdown
- Employer generosity0.0 / 500th percentile for employer $ per participant
- Low cost15.2 / 2561th percentile for low admin cost vs. same-size plans
- Employee saving12.1 / 1581th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-10 pts1 issue reported on the filing
Total score20 / 100 · Grade F
This plan vs. peers
Peers: Health Care & Social Assistance plans with 500–2,499 active participants (1,427 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 0th |
| Lower admin cost | 61th |
| Employee saving | 81th |
| Peers that auto-enroll | 36% |
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Red flags from the filing
Late deposits: the filing says some employee contributions were not sent to the plan on time ($5,406,759 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
What to do if you're in this plan
- This plan reported $0 in employer contributions for 2024. Some employers put their money into a separate plan, so check any other plans listed below and ask HR. If there really is no company money, you still get the tax break. Compare the plan's fees and funds with an IRA before deciding where your next dollar goes.
- 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 reported late deposits of employee contributions. Compare your pay stubs with your account statements, and contact the plan administrator if money shows up late.
- 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 | $0 |
| Participant (employee) contributions | $10,630,119 |
| Other contributions (incl. rollovers in) | $281,986 |
| Administrative expenses paid from the plan | $96,929 |
| Investment advisory & management fees | $28,803 |
| Benefits paid out | $3,491,655 |
| Net assets, start / end of year | $52.0M / $67.0M |
| Active participants, start / end of year | 2,102 / 1,988 |
| Participants with account balances | 1,068 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Ernst and Young |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $68,525 reported compensation |
| Strategic Advisors, Inc. | $28,803 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251010122607NAL0004596643001, received 2025-10-10, EIN 77-0431902, plan #008, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.