Bancfirst Corporation 401(k) Review & Grade
Bancfirst Corporation Thrift Plan
Oklahoma City, OKFinance & Insurance1,957 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,801Employer $ per active participant
$5,257Employee $ saved per active participant
0.07%Direct admin cost, % of plan assets
$270.0MNet plan assets, end of year
$109,033Average balance per account
Score breakdown
- Employer generosity9.3 / 5019th percentile for employer $ per participant
- Low cost20.3 / 2581th percentile for low admin cost vs. same-size plans
- Employee saving3.9 / 1526th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score41 / 100 · Grade D
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 19th |
| Lower admin cost | 81th |
| Employee saving | 26th |
| Peers that auto-enroll | 62% |
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Red flags from the filing
Corrective distributions: the plan refunded $80,438 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Bancfirst put in about $1,801 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.
- Fund expense ratios aren't in the filing. Look them up in your 404(a)(5) fee disclosure and favor low-cost index or target-date funds.
- 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 | $3,523,854 |
| Participant (employee) contributions | $10,288,511 |
| Other contributions (incl. rollovers in) | $758,157 |
| Administrative expenses paid from the plan | $182,611 |
| Benefits paid out | $24,197,488 |
| Net assets, start / end of year | $243.4M / $270.0M |
| Active participants, start / end of year | 1,955 / 1,959 |
| Participants with account balances | 2,476 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Finley & Cook, PLLC |
| Employer stock held by plan | $14,449,143 |
Largest service providers (Schedule C)
| Schwab Retirement Plan Services,inc | $169,144 reported compensation |
| Bancfirst | $13,412 reported compensation |
| Charles Schwab & Co. Inc | $674 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015101037NAL0009005026001, received 2025-10-15, EIN 73-1221379, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.