Commonspirit Health 401(k) match, vesting and fees
What Commonspirit Health's 401(k) plan says about matching contributions
Matching contributions are made to the Plan by substantially all participating employers on a payperiod basis. To become eligible for matching contributions, an employee must work 1,000 hours during the period beginning with the employee’s commencement date. Matching contribution amounts are based on employment status. Certain participating employers provide a match of 100% up to 1% of compensation, plus 50% in excess of 1% up to 6% of compensation. Other participating employers provide a match of 50% up to 6% of compensation. Certain employees at Consolidated Health Services, Inc. (CHS) (PRN (i.e., on-call or necessary employees) and temporary) are excluded from the matching provisions of the Plan. The Plan provides for a “true-up” contribution to be made subsequent to December 31 to ensure that participants have received their full match as calculated on an annual basis. To be eligible for the true-up contribution, the participant must have been paid 1,000 hours and be employed on December 31.
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. 145 ↗ |
| Match vesting | Participants are immediately vested in all employee contributions plus actual earnings thereon. Employer contributions made to the Plan prior to January 1, 2014, plus actual earnings thereon, are also 100% vested. Matching and nonelective contributions made to the Plan after January 1, 2014, are subject to a three-year cliff vesting schedule. | Audit report, p. 146 ↗ |
| Automatic enrollment | The Plan includes an automatic enrollment provision whereby all newly eligible employees are automatically enrolled in the Plan unless they affirmatively elect not to participate. Automatically enrolled participants have their deferral rate set at 4% of eligible compensation and their contributions invested in a designated fund (T. Rowe Price Retirement Fund) until changed by the participant. The automatic enrollment feature takes effect 60 days following the participant’s date of hire. The automatic percentage increases 1% annually until the percentage reaches 10%. | Audit report, p. 145 ↗ |
| Roth contributions | Participants may also make Roth contributions to the Plan. | Audit report, p. 144 ↗ |
| Loans | Notes receivable from participants represent participant loans. Participants may borrow from their fund accounts up to a maximum equal to the lesser of $50,000 or 50% of their vested account balance. Loan terms range from 1 to 5 years or up to 15 years for the purchase of a primary residence. The loans are secured by the balance in the participant’s account and bear interest in an amount equal to the prime rate published in The Wall Street Journal as of the first day of the month preceding the date the loan was initiated, plus 1%. Principal and interest are paid ratably through payroll deductions. Any participant who has defaulted on a prior loan is not allowed to take a new loan unless the first loan has been repaid. | Audit report, p. 146 ↗ |
| Recordkeeper | Fid Invest Inst Ops Co | Schedule C ↗ |
| Independent auditor | Ernst & Young 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.
| Commonspirit Health: employer contribution per participant | $20,549 | |
| Peer median | $2,155 |
| Commonspirit Health: average balance | $523,506 | |
| Peer median | $66,935 |
| Commonspirit Health: admin expenses ÷ assets | 0.02% | |
| 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 $6.9B at the end of plan year 2021 to $8.8B at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 127,392 | $8.8B | $346M | $20,549 | 0.02% | Quoted in the audit report, p. 145 ↗ | Form 5500 ↗ |
| 2023 | 130,882 | $7.9B | $324M | $2,641 | 0.06% | Not published | Form 5500 ↗ |
| 2022 | 121,444 | $6.1B | $324M | $2,783 | 0.06% | Not published | Form 5500 ↗ |
| 2021 | 116,771 | $6.9B | $305M | $2,717 | 0.06% | Not published | Form 5500 ↗ |
Other Commonspirit Health plans (1)
Each plan files its own Form 5500. Figures are from each plan's latest filing.
Commonspirit Health ERISA 403(b) 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.
| Recordkeeper | Fidelity Inv Inst Ops Co | Schedule C ↗ |
| Independent auditor | Ernst & Young LLP (unmodified opinion, limited scope) | Schedule H ↗ |
| Plan type and status | 403(b) · Active | Form 5500 ↗ |
Common questions
Does Commonspirit Health match 401(k) contributions?
The audit report attached to the Commonspirit Health 401(k) Retirement Savings Plan's plan year 2024 Form 5500, page 145 says: “Matching contributions are made to the Plan by substantially all participating employers on a payperiod basis. To become eligible for matching contributions, an employee must work 1,000 hours during the period beginning with the employee’s commencement date. Matching contribution amounts are based on employment status. Certain participating employers provide a match of 100% up to 1% of compensation, plus 50% in excess of 1% up to 6% of compensation. Other participating employers provide a match of 50% up to 6% of compensation. Certain employees at Consolidated Health Services, Inc. (CHS) (PRN (i.e., on-call or necessary employees) and temporary) are excluded from the matching provisions of the Plan. The Plan provides for a “true-up” contribution to be made subsequent to December 31 to ensure that participants have received their full match as calculated on an annual basis. To be eligible for the true-up contribution, the participant must have been paid 1,000 hours and be employed on December 31.” Plan terms may have changed; check your current Summary Plan Description.
When is the Commonspirit Health 401(k) match vested?
The audit report attached to the plan year 2024 Form 5500, page 146 says: “Participants are immediately vested in all employee contributions plus actual earnings thereon. Employer contributions made to the Plan prior to January 1, 2014, plus actual earnings thereon, are also 100% vested. Matching and nonelective contributions made to the Plan after January 1, 2014, are subject to a three-year cliff vesting schedule.”
Who manages the Commonspirit Health 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is Fid Invest Inst Ops Co. The plan administrator is Commonspirit Health.
I left Commonspirit Health. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Commonspirit Health, (707) 695-0325) or the recordkeeper, Fid Invest Inst Ops Co. The Commonspirit Health old 401(k) page lists the contacts from every plan filing. Find an old Commonspirit Health 401(k)
Data from the public Form 5500 annual reports Commonspirit 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 Commonspirit Health. Not financial advice. Report a correction · Methodology