Michigan › Health care and social assistance › 25,000 or more participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
Henry Ford Health System Ambassador 403(b) Plan
Sponsored by Henry Ford Health System, Detroit, MI
Form 5500 information is as filed by the plan administrator with the Department of Labor and may be amended. Figures reflect the plan year shown, not current balances. Form 5500 contains no individual account balances. Look up the original filing at EFAST2.
In the plan year ending 31 Dec 2024, Henry Ford Health System Ambassador 403(b) Plan covered 41,205 participants and held $932M in net assets. The plan is a 401(k) plan sponsored by Henry Ford Health System of Detroit, Michigan.
Net assets came to $22,623 per participant, well below the $62,774 median for defined contribution plans with 25,000 or more participants and well below the $30,764 median for defined contribution plans in health care and social assistance. The figure is an average across everyone in the plan, including former employees with small balances; Form 5500 holds no individual account data.
The employer contributed $60.9M during the year, or $1,620 per active participant against a same-size median of $2,417; participants contributed $99.1M and $118M arrived as rollovers and other contributions. Benefits paid out totalled $58.5M.
Schedule C lists 5 service provider organisations paid $5,000 or more, with reported compensation of $766K: $18.59 per participant, well below the same-size median of $36.41. Administrative expenses charged to the plan were $766K. Schedule C does not capture every cost: fees netted from fund returns and fees the employer pays directly are outside it.
Across the filings on record, net assets went from $134M in 2018 to $932M in 2024 (up 596%), and participants from 9,291 to 41,205 (up 343%).
The independent accountant's opinion on the financial statements was unmodified (unqualified).
Compared with similar plans
| Measure | This plan | Same size | Same industry | All US DC plans |
|---|---|---|---|---|
| Net assets per participant | $22,623 | $62,774 | $30,764 | $53,102 |
| Employer contributions per active participant | $1,620 | $2,417 | $1,536 | $2,175 |
| Schedule C compensation per participant | $18.59 | $36.41 | $93.85 | $123 |
| Schedule C compensation, share of net assets | 0.08% | 0.07% | 0.31% | 0.26% |
| Administrative expenses per participant | $18.59 | $38.81 | $86.53 | $116 |
Peer columns are medians for plan year 2024 across defined contribution plans with 100 or more participants: 25,000 or more participants (608 plans), health care and social assistance (9,402) and all US plans (63,460). Fee medians cover plans that report an amount.
Trend by plan year
| Plan year | Participants | Net assets | Per participant | Employer contributions | Participant contributions | Schedule C compensation |
|---|---|---|---|---|---|---|
| 2024 | 41,205 | $932M | $22,623 | $60.9M | $99.1M | $766K |
| 2023 | 22,929 | $618M | $26,951 | $47.8M | $74.6M | $641K |
| 2022 | 20,295 | $441M | $21,721 | $41.1M | $62.8M | $431K |
| 2021 | 18,612 | $431M | $23,143 | $35.3M | $52.9M | $375K |
| 2020 | 15,970 | $315M | $19,730 | $29.9M | $40.9M | $309K |
| 2019 | 13,213 | $222M | $16,788 | $22.6M | $29.5M | $231K |
| 2018 | 9,291 | $134M | $14,420 | $13.2M | $16.6M | $122K |
Years in which the plan filed the full Form 5500 with 100 or more participants, from 2009. Plan year is the year in which the plan year began.
Statement for the year
- Net assets, beginning of year$617,957,515
- Employer contributions$60,934,081
- Participant contributions$99,104,917
- Rollovers and other contributions$118,332,938
- Total contributions$278,371,936
- Total income, including investment results$364,671,334
- Benefits paid$58,502,646
- Administrative expenses$765,918
- Total expenses$59,792,708
- Net income$304,878,626
- Net transfers$9,345,186
- Net assets, end of year$932,181,327
Participants
- Active participants37,622
- Retired or separated, receiving benefits126
- Retired or separated, entitled to future benefits3,390
- Participants with account balances37,683
- Total participants, end of year41,205
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Empower Annuity Insurance Company | Recordkeeping and information management; Participant loan processing | $714,930 | $0 |
| GJC Cpa's & Advisors | Accounting (including auditing) | $18,400 | $0 |
| Nepc | Consulting (general); Investment advisory (plan) | $12,644 | $0 |
| Willis Towers Watson US LLC | Actuarial | $10,100 | $0 |
| Clark Hill PLC | Legal | $9,877 | $0 |
Schedule C, Part I line 2: providers that received $5,000 or more, with the form's own service codes. Individuals named on Schedule C (plan employees, individual trustees) are never shown and their compensation is excluded. Eligible indirect compensation disclosed by formula carries no dollar amount. See how to read Schedule C fees.
Administrative expenses on Schedule H
- Recordkeeping fees$714,897
- IQPA audit fees$18,400
- Investment advisory and management fees$12,644
- Actuarial fees$10,100
- Legal fees$9,877
- Total administrative expenses$765,918
Investment structure
Assets at year end by Schedule H category. The form shows the kind of vehicle holding the money, not the funds on the menu.
- Registered investment companies (mutual funds)$884M · 94.8%
- Receivables$21.0M · 2.3%
- Participant loans$20.8M · 2.2%
- Other investments$6.7M · 0.7%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- Accounting firmGJC Cpa's & Advisors
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $15,000,000
- Blackout period during the yearNo
These are the plan administrator's own answers on Schedule H, Part IV. A reported late transmittal is the filer's disclosure of a timing lapse, usually corrected through the Department of Labor's voluntary program; the amount is the total involved, not a loss.
Plan characteristics
2GTotal participant-directed account plan2JCode section 401(k) feature2KCode section 401(m) arrangement2MCode section 403(b)(7) accounts (custodial accounts for regulated investment company stock)2RParticipant-directed brokerage accounts provided as an investment option under the plan2TTotal or partial participant-directed account plan with a default investment account3FPlan sponsor(s) received services of leased employees3HPlan sponsor(s) is (are) a member(s) of a controlled group
Codes entered on Form 5500 line 8a, with the labels from the official instructions. Business code 622000: Hospitals.
Other plans of Henry Ford Health System
| Plan | Participants | Net assets |
|---|---|---|
| Henry Ford Health System Retirement Savings Plan | 18,638 | $1.84B |
| Henry Ford Health System Heritage 403(b) Plan | 16,675 | $1.41B |
| Henry Ford Medical Center Union Facilities Retirement Plan for Collectively Bargained Employees | 219 | $16.8M |
Similar plans in Michigan
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Spectrum Health System 403(b) Plan | Corewell Health | 42,410 | $3.21B | $75,780 |
| McLaren Employees' 403(b) Retirement Plan | McLaren Health Care Corp. | 23,674 | $2.12B | $89,447 |
| Beaumont Health 403(b) Retirement Savings Plan | William Beaumont Hospital | 48,125 | $2.97B | $61,632 |
| Ciena Healthcare Management, Inc. 401(k) Plan | Ciena Healthcare Management, Inc. | 19,510 | $126M | $6,448 |
| Henry Ford Health System Retirement Savings Plan | Henry Ford Health System | 18,638 | $1.84B | $98,624 |
| Henry Ford Health System Heritage 403(b) Plan | Henry Ford Health System | 16,675 | $1.41B | $84,730 |
Defined contribution plans in health care and social assistance closest in size.
Questions and answers
How big is Henry Ford Health System Ambassador 403(b) Plan?
41,205 participants at the end of the plan year ending 31 Dec 2024, of whom 37,622 were active employees, with net assets of $932,181,327. Among defined contribution plans that places it in the 25,000 or more participants band, which held 608 plans in plan year 2024.
What does Henry Ford Health System contribute per participant?
The filing reports $60,934,081 in employer contributions for the year, which is $1,620 per active participant; the median for plans of the same type and size was $2,417 in plan year 2024. Form 5500 reports the total only. It does not state the match formula, and the per-participant figure is an average, not any one person's contribution.
What fees does the plan pay and how do they compare?
Schedule C reports $765,951 in compensation to service provider organisations, $18.59 per participant or 0.08% of net assets. The same-size median among plans reporting any Schedule C compensation was $36.41 per participant. Administrative expenses on Schedule H were $765,918. Investment costs deducted inside mutual funds and other pooled vehicles are not itemised on Form 5500, so these figures are a floor rather than a full cost.
Who runs the plan?
The sponsor is Henry Ford Health System. Recordkeeping or administration: Empower Annuity Insurance Company. Investment advisory or management: Nepc. The financial statements were audited by GJC Cpa's & Advisors. Form 5500 also names the plan administrator's signer and other individuals; this site publishes organisations only.
Was the audit opinion unqualified?
The filing reports an unmodified (unqualified) opinion. Unmodified (formerly "unqualified") is the standard clean opinion.
How current is this, and does it show my balance?
This is the Form 5500 for the plan year 1 Jan 2024 to 31 Dec 2024, received by the Department of Labor on 12 Oct 2025. Filings are due seven months after the plan year ends, or nine and a half with an extension, so the public record always runs a year or more behind. It contains plan-level totals only: no individual balances, contributions or names of participants exist in the data.
Provenance
Source: U.S. Department of Labor, Employee Benefits Security Administration, Form 5500 research files (Form 5500, Schedule H, Schedule C) for plan years 2009 to 2025, public domain, with filings received through 24 Aug 2026. This page shows the latest filing on record for EIN 38-1357020, plan 016, received 12 Oct 2025; an amended filing replaces it at the next build. Medians and percentiles are computed by this site; see the methodology. Report an error through corrections.