Magellan Health, Inc. 401(k) Review & Grade
Magellan Health, Inc. Retirement Savings Plan
Maryland Heights, MOProfessional, Scientific & Technical Services5,363 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,684Employer $ per active participant
$5,415Employee $ saved per active participant
0.09%Direct admin cost, % of plan assets
$656.3MNet plan assets, end of year
$73,972Average balance per account
Score breakdown
- Employer generosity15.2 / 5030th percentile for employer $ per participant
- Low cost15.5 / 2562th percentile for low admin cost vs. same-size plans
- Employee saving4.2 / 1528th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score42 / 100 · Grade D
This plan vs. peers
Peers: Professional, Scientific & Technical Services plans with 2,500–9,999 active participants (231 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 30th |
| Lower admin cost | 62th |
| Employee saving | 28th |
| Peers that auto-enroll | 47% |
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Red flags from the filing
Corrective distributions: the plan refunded $6,430 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Magellan Health put in about $1,684 per active participant, below the typical peer ($2,951). 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.
- 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 | $9,031,510 |
| Participant (employee) contributions | $29,042,817 |
| Other contributions (incl. rollovers in) | $6,253,490 |
| Administrative expenses paid from the plan | $547,419 |
| Benefits paid out | $86,951,908 |
| Net assets, start / end of year | $614.1M / $656.3M |
| Active participants, start / end of year | 5,275 / 5,451 |
| Participants with account balances | 8,872 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Forvis Mazars, LLP |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company | $547,419 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250723124113NAL0004452896001, received 2025-07-23, EIN 58-1076937, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.