The Iowa Clinic, P.C. 401(k) Review & Grade
The Iowa Clinic 401(k) Profit Sharing Plan
West Des Moines, IAHealth Care & Social Assistance1,208 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$10,252Employer $ per active participant
$8,050Employee $ saved per active participant
0.18%Direct admin cost, % of plan assets
$328.9MNet plan assets, end of year
$183,334Average balance per account
Score breakdown
- Employer generosity49.1 / 5098th percentile for employer $ per participant
- Low cost14.6 / 2558th percentile for low admin cost vs. same-size plans
- Employee saving14.3 / 1595th percentile for employee $ per participant
- Plan features0 / 10No auto-enrollment or default investment reported
Total score78 / 100 · Grade A
This plan vs. peers
Peers: Health Care & Social Assistance plans with 500–2,499 active participants (1,427 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 98th |
| Lower admin cost | 58th |
| Employee saving | 95th |
| Peers that auto-enroll | 36% |
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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
- Iowa Clinic put in about $10,252 per active participant, more than the typical peer ($976). 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 | $12,384,317 |
| Participant (employee) contributions | $9,724,083 |
| Other contributions (incl. rollovers in) | $6,069,339 |
| Administrative expenses paid from the plan | $550,621 |
| Contract administrator fees | $550,621 |
| Benefits paid out | $32,157,164 |
| Net assets, start / end of year | $296.0M / $328.9M |
| Active participants, start / end of year | 1,186 / 1,230 |
| Participants with account balances | 1,794 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Denman CPA LLP |
Largest service providers (Schedule C)
| Principal Life Insurance Co | $153,106 reported compensation |
| Ed Mcgill-Northwestern Mutual | $67,589 reported compensation |
| Foster Group, Inc. | $54,450 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015060139NAL0001924163004, received 2025-10-15, EIN 42-1420077, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.