2 critical issues
Baycare Health System
59-2796965· Clearwater, FL· Fidelity· 2024 filing· vs 40 plans your size
C
0/100
Overall grade
Middle of the pack, with clear ways to do better.
B
Fees
C
Financial Wellness
B
Plan design
F
Compliance
Fees
Your plan pays around 5 bps of assets per year. Similar plans pay around 9 bps. Your plan is a bit cheaper than most similar plans.
cheaper29th percentilepricier
Financial Wellness
Middle-of-the-pack savings. Employees put away $5,892/employee a year. That's about average for plans this size.
lower61th percentilehigher
Plan design
Covers the basics. A few high-impact features are missing.
Employer match
The plan matches employee contributions, the single strongest driver of participation and savings.
Profit sharing
The employer also makes profit-sharing contributions on top of the match.
Automatic enrollment
New hires are enrolled by default. Plans with auto-enroll see much higher participation.
Not safe harbor
The plan has to pass annual IRS nondiscrimination testing, which can cap what owners and higher earners are allowed to contribute.
Default investment (QDIA)
Employees who never pick investments land in a sensible default, usually a target-date fund, instead of cash.
No brokerage window
Employees can only invest through the plan's core fund menu. A brokerage window opens the wider market for people who want more control.
Compliance & health
2 critical issues on the latest filing. These need attention.
Failed IRS fairness test
The plan failed its annual IRS fairness test and had to refund contributions to higher-paid employees. A safe harbor design eliminates this problem entirely.
Required benefit distribution not paid
The plan failed to pay out benefits on time, which can carry penalties owed to the affected employees.
Fidelity bond below 10% of BOY assets, ERISA 412 violation
The reported ERISA fidelity bond is below the 10%-of-assets guideline based on beginning-of-year assets. Fast-growing plans can look under-bonded on paper; confirm against the plan's current bond coverage.
Failed to pay benefits
The plan failed to pay out benefits on time, which can carry penalties owed to the affected employees.
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Fidelity
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Key insights
- Strongest area: fees. Your plan pays around 5 bps of assets per year. Similar plans pay around 9 bps. Your plan is a bit cheaper than most similar plans.
- Best place to improve: compliance & health. 2 critical issues on the latest filing. These need attention.
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