Baptist Health System 401(k) match, vesting and fees
What Baptist Health System's 401(k) plan says about matching contributions
The Company makes matching contributions equal to 35 percent of the participant’s elective deferral not to exceed 5 percent of the participant’s compensation. A participant must either have 1,000 hours of service during the Plan year or be employed with the Company on the last day of the Plan year to be eligible for matching contributions.
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. 37 ↗ |
| Automatic enrollment | The Plan includes an auto-enrollment provision whereby all newly eligible employees are automatically enrolled in the Plan at a deferral rate of 3 percent of eligible compensation unless they affirmatively elect not to participate in the Plan. | Audit report, p. 37 ↗ |
| Loans | Notes Receivable from Participants: Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum equal to the lessor of $50,000 or 50% of their vested account balance. However, if the loan is for less than $10,000, the 50 percent limit does not apply. The loans are secured by the balance in the participant's vested account and bear interest at 1 percent over the prime lending rate at the date of the loan, which is commensurate with local prevailing rates as determined quarterly by the plan administrator. Loan terms may not exceed five years, unless the loan is used for the purchase of a primary residence, in which case the loan repayment period may not extend beyond 15 years from the date of the loan. No more than one loan may be outstanding at a time for a participant and loans may not be consolidated or refinanced. | Audit report, p. 38 ↗ |
| Recordkeeper | Valic Retirement Services Company | Schedule C ↗ |
| Independent auditor | Crowe LLP (disclaimer opinion, limited scope) | Schedule H ↗ |
| Plan type and status | 401(k) · Active | Form 5500 ↗ |
| Late participant contributions | Reported on the filing | Schedule H ↗ |
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.
| Baptist Health System: employer contribution per participant | $1,662 | |
| Peer median | $2,155 |
| Baptist Health System: average balance | $44,063 | |
| Peer median | $66,935 |
| Baptist Health System: admin expenses ÷ assets | 0.11% | |
| 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 $689M at the end of plan year 2021 to $783M at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 18,620 | $783M | $29.5M | $1,662 | 0.11% | Quoted in the audit report, p. 37 ↗ | Form 5500 ↗ |
| 2023 | 18,269 | $710M | $25.6M | $1,436 | 0.13% | Not published | Form 5500 ↗ |
| 2022 | 18,487 | $593M | $22.9M | $1,323 | 0.06% | Not published | Form 5500 ↗ |
| 2021 | 16,752 | $689M | $20.4M | $1,292 | 0.06% | Not published | Form 5500 ↗ |
Other Baptist Health System plans (1)
Each plan files its own Form 5500. Figures are from each plan's latest filing.
Baptist Health System Retirement Plan
Plan features
Match, vesting and enrollment details have not been published from this plan's audit report yet. The figures below come from the structured filing.
| Independent auditor | Crowe LLP (unmodified opinion, limited scope) | Schedule H ↗ |
| Plan type and status | Pension (defined benefit) · Active | Form 5500 ↗ |
Common questions
Does Baptist Health System match 401(k) contributions?
The audit report attached to the Baptist Health System, Inc. Matched Savings Plan's plan year 2024 Form 5500, page 37 says: “The Company makes matching contributions equal to 35 percent of the participant’s elective deferral not to exceed 5 percent of the participant’s compensation. A participant must either have 1,000 hours of service during the Plan year or be employed with the Company on the last day of the Plan year to be eligible for matching contributions.” Plan terms may have changed; check your current Summary Plan Description.
When is the Baptist Health System 401(k) match vested?
The vesting schedule for the Baptist Health System, Inc. Matched Savings Plan is not in the data published so far. Your Summary Plan Description states it.
Who manages the Baptist Health System 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is Valic Retirement Services Company. The plan administrator is Baptist Health System, Inc..
I left Baptist Health System. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Baptist Health System, Inc., (904) 202-4478) or the recordkeeper, Valic Retirement Services Company. The Baptist Health System old 401(k) page lists the contacts from every plan filing. Find an old Baptist Health System 401(k)
Data from the public Form 5500 annual reports Baptist Health System 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 Baptist Health System. Not financial advice. Report a correction · Methodology