Advocate Health 401(k) match, vesting and fees
What Advocate Health's 401(k) plan says about matching contributions
The Company provides a discretionary matching contribution equal to 50% of participant contributions up to 5% of compensation. The Company may also, at its discretion, make a profit-sharing contribution.
Quoted directly from the filing. Plan terms may have changed; check your current Summary Plan Description.
Plan features
Indented passages are quoted word for word from the audit report; plan terms may have changed since, so check your current Summary Plan Description.
| Employer match | Quoted from the filing above | Audit report, p. 30 ↗ |
| Match vesting | Participants are vested immediately in their contributions plus actual earnings thereon. Vesting in the Company’s contribution portion of their accounts is based on years of service, as defined. A participant vests 20% each year and is 100% vested after six years of credited service. | Audit report, p. 30 ↗ |
| Automatic enrollment | The automatic deferral is 3% unless an affirmative election was made for another amount or to not participate. | Audit report, p. 30 ↗ |
| Roth contributions | Participant salary deferrals may be traditional 401(k) (pretax) or Roth 401(k) (after-tax). | Audit report, p. 30 ↗ |
| Loans | Participants may borrow from their fund accounts a minimum of $500 up to a maximum equal to the lesser of $50,000 or 50% of their vested account balance. The loans are secured by the balance in the participant’s account and bear interest at rates which are commensurate with local prevailing rates as determined by the plan administrator. At December 31, 2024, outstanding loans bore an interest rate of 5.25% to 10.50%. | Audit report, p. 30 ↗ |
| Recordkeeper | ADP, Inc. | Schedule C ↗ |
| Independent auditor | Forvis Mazars LLP (unmodified opinion, limited scope) | Schedule H ↗ |
| Plan type and status | 401(k) · Active | Form 5500 ↗ |
All rows are from the plan year 2024 filing; plan features from its audit report.
How the plan compares
Plan year 2024 medians for 3,409 defined-contribution plans in finance and insurance with 100 to 499 participants.
| Advocate Health: employer contribution per participant | $329 | |
| Peer median | $2,868 |
| Advocate Health: average balance | $16,397 | |
| Peer median | $95,281 |
| Advocate Health: admin expenses ÷ assets | 0.21% | |
| Peer median | 0.22% |
Admin expenses are the plan's reported administrative expenses divided by its assets; they do not include fund expense ratios.
Plan history
Plan assets went from $1.6M at the end of plan year 2021 to $3.1M at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 206 | $3.1M | $62K | $329 | 0.21% | Quoted in the audit report, p. 30 ↗ | Form 5500 ↗ |
| 2023 | 179 | $2.3M | $146K | $914 | 0.33% | Not published | Form 5500 ↗ |
| 2022 | 205 | $1.6M | $126K | $658 | 0.12% | Not published | Form 5500 ↗ |
| 2021 | 167 | $1.6M | $76K | $485 | 0.15% | Not published | Form 5500 ↗ |
Common questions
Does Advocate Health match 401(k) contributions?
The audit report attached to the Advocate Health 401(k) Plan's plan year 2024 Form 5500, page 30 says: “The Company provides a discretionary matching contribution equal to 50% of participant contributions up to 5% of compensation. The Company may also, at its discretion, make a profit-sharing contribution.” Plan terms may have changed; check your current Summary Plan Description.
When is the Advocate Health 401(k) match vested?
The audit report attached to the plan year 2024 Form 5500, page 30 says: “Participants are vested immediately in their contributions plus actual earnings thereon. Vesting in the Company’s contribution portion of their accounts is based on years of service, as defined. A participant vests 20% each year and is 100% vested after six years of credited service.”
Who manages the Advocate Health 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is ADP, Inc.. The plan administrator is Advocate Health,llc.
I left Advocate Health. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Advocate Health,llc, (941) 473-0800) or the recordkeeper, ADP, Inc.. The Advocate Health old 401(k) page lists the contacts from every plan filing. Find an old Advocate Health 401(k)
Data from the public Form 5500 annual reports Advocate Health filed with the U.S. Department of Labor (plan years 2021 and 2022 and 2023 and 2024) and, where noted, the attached independent auditor's report. Plan terms may have changed since the filing; check your current Summary Plan Description. PlanFacts is not affiliated with Advocate Health. Not financial advice. Report a correction · Methodology