Retirement plan
MAYO 403(B) PLAN
MAYO CLINICEIN 41-6011702Plan #002PY 2018
200 FIRST STREET SW - ROCHESTER, MN 55905507-284-0126mayoclinic.orgLinkedIn10001+ employeeshospital & health care
Other plans on this EIN
1 filingProspect flagsCorrective distributions
Filing contacts
From the Form 5500, federal recordPlan sponsor & administrator signer
WILLIAM BROWN
Signed 06/18/2020 (sponsor) / 06/18/2020 (admin)
(507) 284-0126Summary metrics
Total assets (EOY)
$6037.2M
-14.0% from 2016
Total participants
86,133
-4.3% from 2016
Average account balance
$76,548
-8.1% from 2016
Annual return
-3.05%
-0.29 pp from 2016
Benchmarks
Peer group
Industry62 - Health Care and Social Assistance
Plan typeDefined contribution
Participants>=10,000
Cohort224 peers
Snapshot2018
83
Participant deferral / active EE
$5,640
median $3,263
45
Employer contribution / active EE
$1,474
median $1,456
64
Participation rate
89.8%
median 81.9%
89
Avg account balance
$76,548
median $42,754
47
Admin fee / account holder
$42
median $39
74
Annual return
-3.05%
median -4.42%
Overall peer rank
67of 100
67th percentileavg across 6 metrics
Analytics
2015 - 2024
Total assets (EOY)
Plan-year ending balance
$12.80B
Average account balance
Total assets / participants with a balance (line 6g)
$122K
Participants with account balance
Stacked by status: active / separated vested / retired or beneficiary. Total = line 6g.
104,493
Eligible Participants and Participation
Bars: eligible actives (line 6a). Line: derived rate = active employees with a balance / 6a.
88.3%
Contributions (total)
Employer and participant dollars contributed each year
$783.38M
Contributions per participant
Average employer and participant contribution per enrolled participant
$9K
Asset flow
BOY + contributions + return - distributions = EOY
Year
Annual return
Diverging bars; negative years highlighted
+13.26%
Admin fee / account holder
Total admin expenses / participants with a balance (line 6g)
$77
Asset composition
Cash / stocks / bonds / mutual funds / real estate / loans over time
- Mutual / pooled
- Stocks
- Bonds
- Cash
- Real estate
- Loans
Service providers
Top 5 by compensation
| Provider | Service type | Compensation |
|---|---|---|
FINANCIAL ENGINES2 years Service code 27 · EIN 77-0473565 | Advisory (Plan) | $5,059,890 |
FIDELITY INV INST CO, INC4+ years Service code 60 | Sub-TA Fees | $1,563,365 |
DORSEY & WHITNEY2 years Service code 29 · EIN 41-0223337 | Legal | $3,220 |
FIDELITY INV INST OP CO, INC4+ years Service code 60 | Sub-TA Fees | $0 |
Service code 15 · EIN 04-2647786 | Recordkeeping | -$1,713,541 |
Top hat statement on fileNQDC
Filed April 30, 2013 (most recent of 4 filings on file)
This is a legacy paper filing. Plan administrator and contact details are recorded in the original filing, which has not been digitised into structured fields.
Plan features & details
Pension benefit codes2L2M2R3H
Plan features
- 2LCode section 403(b)(1) arrangementPlan uses a Code section 403(b)(1) annuity contract as a funding vehicle.
- 2MCode section 403(b)(7) accountsPlan uses Code section 403(b)(7) custodial accounts as a funding vehicle.
- 2RParticipant-directed brokerage accountsParticipant-directed brokerage accounts provided as an investment option under the plan.
- 3HControlled group memberPlan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b) (c) or (m)).
Opportunity flags
1 tripped
- ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).
Expense breakdown
Schedule H Part II
Admin total
$3.3M
$47 / participant
- Investment mgmt$3M100.0%
% of EOY assets
0.055%
all-in expense ratio
Categories reported
1 / 9
subdivided buckets used
Audit opinion
Schedule H Part III
Disclaimer opinion
Auditor declined to express an opinion - usually a 103(a)(3)(C) limited-scope election.
- Auditor firm
- ERNST & YOUNG
- Auditor EIN
- 346565596
- Audit fees
- (not subdivided)
- Opinion code
- Disclaimer