Allied Benefit Systems, LLC 401(k) Review & Grade
Allied Benefit Systems, LLC Retirement Savings Plan
Chicago, ILFinance & Insurance718 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$3,163Employer $ per active participant
$5,021Employee $ saved per active participant
0.40%Direct admin cost, % of plan assets
$33.3MNet plan assets, end of year
$42,264Average balance per account
Score breakdown
- Employer generosity20.9 / 5042th percentile for employer $ per participant
- Low cost7.5 / 2530th percentile for low admin cost vs. same-size plans
- Employee saving3.5 / 1524th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score39 / 100 · Grade D
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 42th |
| Lower admin cost | 30th |
| Employee saving | 24th |
| Peers that auto-enroll | 62% |
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Red flags from the filing
Corrective distributions: the plan refunded $4,355 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Allied Benefit Systems put in about $3,163 per active participant, below the typical peer ($3,606). Any match is still an instant return, so contribute enough to get all of it.
- The filing shows total dollars, not the match formula. Ask HR for the Summary Plan Description so you know the exact match and vesting schedule.
- Direct plan expenses (0.40% of assets) are well above similar-size plans (0.23%). Check your annual fee disclosure, choose low-cost index funds if you can, and think about whether savings beyond the match belong in an IRA.
- The plan auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- Changing jobs? You can usually leave the money in the plan, move it to your new employer's plan, or roll it into an IRA. Don't cash out: you'd owe taxes and possibly a 10% penalty.
The raw numbers from the filing
| Employer contributions | $2,269,593 |
| Participant (employee) contributions | $3,602,785 |
| Other contributions (incl. rollovers in) | $1,626,534 |
| Administrative expenses paid from the plan | $119,564 |
| Investment advisory & management fees | $2,600 |
| Other admin expenses | $36,591 |
| Benefits paid out | $3,535,947 |
| Net assets, start / end of year | $25.9M / $33.3M |
| Active participants, start / end of year | 626 / 809 |
| Participants with account balances | 787 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Cherry Bekaert |
Largest service providers (Schedule C)
| Morgan Stanley Smith Barney LLC | $41,241 reported compensation |
| Fidelity Investments Institutional | $39,203 reported compensation |
| Cherry Bekaert LLP | $36,520 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250828112805NAL0010312177001, received 2025-08-28, EIN 36-3086057, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.