Novant Health, Inc. 401(k) Review & Grade
Savings and Supplemental Retirement Plan of Novant Health, Inc.
Winston Salem, NCHealth Care & Social Assistance39,316 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$3,859Employer $ per active participant
$582Employee $ saved per active participant
0.02%Direct admin cost, % of plan assets
$1.7BNet plan assets, end of year
$36,744Average balance per account
Score breakdown
- Employer generosity42.5 / 5085th percentile for employer $ per participant
- Low cost22.5 / 2590th percentile for low admin cost vs. same-size plans
- Employee saving1.8 / 1512th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score77 / 100 · Grade A
This plan vs. peers
Peers: Health Care & Social Assistance plans with 10,000+ active participants (115 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 85th |
| Lower admin cost | 90th |
| Employee saving | 12th |
| Peers that auto-enroll | 52% |
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Red flags from the filing
No red flags were reported on this filing's compliance questions.
What to do if you're in this plan
- Novant Health put in about $3,859 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 | $151,708,805 |
| Participant (employee) contributions | $22,878,924 |
| Other contributions (incl. rollovers in) | $2,027,724 |
| Administrative expenses paid from the plan | $349,195 |
| Contract administrator fees | $1,800 |
| Investment advisory & management fees | $178,683 |
| Benefits paid out | $172,774,831 |
| Net assets, start / end of year | $1.5B / $1.7B |
| Active participants, start / end of year | 38,190 / 40,442 |
| Participants with account balances | 45,772 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Crowe LLP |
Largest service providers (Schedule C)
| Financial Engines | $178,683 reported compensation |
| Fidelity Investments Institutional | $154,195 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250730150446NAL0002473811001, received 2025-07-30, EIN 56-1376950, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.