2022 Best in Class 401(k) Plans | Winner
Midwest Radiology, P.A.
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Plan name | Midwest Radiology, P.A. |
Location | Roseville, Minn. |
Asset size ($MM) | $200 million - $500 million |
Participants | 463 |
Industry | Health care organization – for-profit |
Participation rate | 97% |
Average deferral rate | 14% |
# of funds offered | 17 |
Investment review | Yes |
True-up match | Yes |
Match vesting period | Immediately upon enrollment |
Eligibility | After 1 year of employment |
Default deferral rate | 4% |
Default investment | Target-date Fund (all types) |
Automatic escalation | Yes - participants are defaulted into auto escalation at time of enrollment unless they opt out; all other participants can opt in at any time |
Systematic withdrawals | No |
Fee equalization | Yes – a policy is in place |
Match Rate | 100% of first 6% of salary |
% receiving full match | All or nearly all participants (90% or more) |
Maximum employer contribution | 3% |
Financial Education | |
Saving/Budgeting | |
Investing strategies | Yes |
College saving | Yes |
Credit/Debt management | Yes |
Tax/Estate planning | Yes |
Retiree health costs/savings options​ | Yes |
Recordkeeper | Principal |