Allegheny Health Network 401(k) match, vesting and fees
What Allegheny Health Network's 401(k) plan says about matching contributions
The Plan's safe harbor design means that the Plan automatically complies with certain nondiscrimination requirements of Section 401 of the Internal Revenue Code (IRC). The Corporation's contribution is based on matching 100% of the first 4% of compensation that a participant contributes to the Plan.
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. 29 ↗ |
| Match vesting | Participants are immediately vested in their contributions and the Corporation's matching contributions plus actual earnings thereon. Participants are fully vested in the Corporation's nonelective contribution after the completion of three years of service. | Audit report, p. 30 ↗ |
| Automatic enrollment | The Plan includes an auto-enrollment provision whereby all newly eligible employees are automatically enrolled in the Plan unless they affirmatively elect not to participate in the Plan. Automatically enrolled participants have their deferral rate set at 4% of eligible compensation. | Audit report, p. 29 ↗ |
| Roth contributions | Participants may designate all or a portion of their deferral contributions as after-tax contributions into a Roth account. | Audit report, p. 29 ↗ |
| Loans | Participants may borrow from their fund accounts a minimum of $1 up to a maximum equal to the lesser of $50 minus the highest outstanding loan balance during the 12 months preceding the new loan or 50% of their vested account balance. Participants are not permitted to have more than two loans outstanding at any point in time. | Audit report, p. 30 ↗ |
| Recordkeeper | Alight Solutions LLC | Schedule C ↗ |
| Independent auditor | Baker Tilly US, 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 244 defined-contribution plans in health care and social assistance with 10,000 to 49,999 participants.
| Allegheny Health Network: employer contribution per participant | $2,682 | |
| Peer median | $2,155 |
| Allegheny Health Network: average balance | $46,791 | |
| Peer median | $66,935 |
| Allegheny Health Network: admin expenses ÷ assets | 0.12% | |
| Peer median | 0.08% |
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 $1.1B at the end of plan year 2023 to $1.4B at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 30,839 | $1.4B | $82.6M | $2,682 | 0.12% | Quoted in the audit report, p. 29 ↗ | Form 5500 ↗ |
| 2023 | 29,951 | $1.1B | $76.9M | $2,575 | 0.16% | Not published | Form 5500 ↗ |
Common questions
Does Allegheny Health Network match 401(k) contributions?
The audit report attached to the Allegheny Health Network 401(k) Plan's plan year 2024 Form 5500, page 29 says: “The Plan's safe harbor design means that the Plan automatically complies with certain nondiscrimination requirements of Section 401 of the Internal Revenue Code (IRC). The Corporation's contribution is based on matching 100% of the first 4% of compensation that a participant contributes to the Plan.” Plan terms may have changed; check your current Summary Plan Description.
When is the Allegheny Health Network 401(k) match vested?
The audit report attached to the plan year 2024 Form 5500, page 30 says: “Participants are immediately vested in their contributions and the Corporation's matching contributions plus actual earnings thereon. Participants are fully vested in the Corporation's nonelective contribution after the completion of three years of service.”
Who manages the Allegheny Health Network 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is Alight Solutions LLC. The plan administrator is Allegheny Health Network.
I left Allegheny Health Network. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Allegheny Health Network, (412) 544-6381) or the recordkeeper, Alight Solutions LLC. The Allegheny Health Network old 401(k) page lists the contacts from every plan filing. Find an old Allegheny Health Network 401(k)
Data from the public Form 5500 annual reports Allegheny Health Network filed with the U.S. Department of Labor (plan years 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 Allegheny Health Network. Not financial advice. Report a correction · Methodology