Umass Memorial Health Care 401(k) match, vesting and fees
What Umass Memorial Health Care's 401(k) plan says about matching contributions
The Plan offers two types of Employer contributions: matching Employer contributions and non-elective Employer contributions for profit sharing eligible participants. For participants who are eligible for matching Employer contributions (all employees who meet the eligibility requirements previously described, but excluding those who are eligible for the non-elective Employer contributions at the 5% or the 8% rate), the Company contributes a basic match and, for a small group of members from certain collective bargaining units who elected the choice offered during periods in years 2007 through 2010, an enhanced match. The basic match is 50% of the first 4% of eligible compensation that a participant contributes to the Plan each pay period for the years ended December 31, 2024 and 2023. The enhanced match requires a minimum participant contribution of 2% and provides a per pay period match on base pay of 2% for less than five years of service, 4% for five to nine years of service, 6% for 10 to 19 years of service, and 8% for 20 or more years of service.
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. 28 ↗ |
| Roth contributions | Each year, participants may contribute up to 50% of their annual eligible compensation on a pre-tax or a Roth after-tax basis, or a combination of both, as defined by the Plan. | Audit report, p. 28 ↗ |
| Loans | Participants may borrow, from their fund accounts, a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50% of their vested account balance, as defined by the Plan. Participants are limited to two outstanding loans. Loans must be fully repaid within five years, or within 10 years for the purchase of a primary residence. The loans are secured by the balance in the participant’s account and bear interest at rates that range from 4.25% to 9%, which are commensurate with local prevailing interest rates, as determined by the trustee. | Audit report, p. 29 ↗ |
| Recordkeeper | Fidelity Investments Institutional | Schedule C ↗ |
| Independent auditor | Cohnreznick 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.
| Umass Memorial Health Care: employer contribution per participant | $2,388 | |
| Peer median | $2,155 |
| Umass Memorial Health Care: average balance | $108,474 | |
| Peer median | $66,935 |
| Umass Memorial Health Care: admin expenses ÷ assets | 0.06% | |
| 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 $1.2B 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 | 17,359 | $1.4B | $31.4M | $2,388 | 0.06% | Quoted in the audit report, p. 28 ↗ | Form 5500 ↗ |
| 2023 | 16,482 | $1.2B | $28M | $2,243 | 0.07% | Not published | Form 5500 ↗ |
Other Umass Memorial Health Care plans (2)
Each plan files its own Form 5500. Figures are from each plan's latest filing.
Umass Memorial Health Care 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 Operations Co | Schedule C ↗ |
| Independent auditor | Cohnreznick LLP (disclaimer opinion, limited scope) | Schedule H ↗ |
| Plan type and status | 403(b) · Active | Form 5500 ↗ |
Umass Memorial Health Care Pension 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 | Cohnreznick LLP (unmodified opinion, limited scope) | Schedule H ↗ |
| Plan type and status | Pension (defined benefit) · Active | Form 5500 ↗ |
Common questions
Does Umass Memorial Health Care match 401(k) contributions?
The audit report attached to the Umass Memorial Health Care 401(k) Plan's plan year 2024 Form 5500, page 28 says: “The Plan offers two types of Employer contributions: matching Employer contributions and non-elective Employer contributions for profit sharing eligible participants. For participants who are eligible for matching Employer contributions (all employees who meet the eligibility requirements previously described, but excluding those who are eligible for the non-elective Employer contributions at the 5% or the 8% rate), the Company contributes a basic match and, for a small group of members from certain collective bargaining units who elected the choice offered during periods in years 2007 through 2010, an enhanced match. The basic match is 50% of the first 4% of eligible compensation that a participant contributes to the Plan each pay period for the years ended December 31, 2024 and 2023. The enhanced match requires a minimum participant contribution of 2% and provides a per pay period match on base pay of 2% for less than five years of service, 4% for five to nine years of service, 6% for 10 to 19 years of service, and 8% for 20 or more years of service.” Plan terms may have changed; check your current Summary Plan Description.
When is the Umass Memorial Health Care 401(k) match vested?
The vesting schedule for the Umass Memorial Health Care 401(k) Plan is not in the data published so far. Your Summary Plan Description states it.
Who manages the Umass Memorial Health Care 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is Fidelity Investments Institutional. The plan administrator is Umass Memorial Health Care, Inc..
I left Umass Memorial Health Care. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Umass Memorial Health Care, Inc., (508) 334-8511) or the recordkeeper, Fidelity Investments Institutional. The Umass Memorial Health Care old 401(k) page lists the contacts from every plan filing. Find an old Umass Memorial Health Care 401(k)
Data from the public Form 5500 annual reports Umass Memorial Health Care 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 Umass Memorial Health Care. Not financial advice. Report a correction · Methodology