Byline Bancorp, Inc. 401(k) Review & Grade
Byline Bancorp, Inc. 401(k) Plan
Chicago, ILFinance & Insurance1,043 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$3,424Employer $ per active participant
$7,665Employee $ saved per active participant
0.21%Direct admin cost, % of plan assets
$92.2MNet plan assets, end of year
$76,011Average balance per account
Score breakdown
- Employer generosity23.3 / 5047th percentile for employer $ per participant
- Low cost13.0 / 2552th percentile for low admin cost vs. same-size plans
- Employee saving8.4 / 1556th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score52 / 100 · Grade C
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 47th |
| Lower admin cost | 52th |
| Employee saving | 56th |
| Peers that auto-enroll | 62% |
Get the monthly 401(k) report card
The best and worst plans, new grades as filings post. One email a month, no spam.
Red flags from the filing
Corrective distributions: the plan refunded $1,511 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Byline Bancorp put in about $3,424 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 | $3,571,045 |
| Participant (employee) contributions | $7,995,014 |
| Other contributions (incl. rollovers in) | $837,810 |
| Administrative expenses paid from the plan | $178,026 |
| Contract administrator fees | $178,026 |
| Benefits paid out | $4,585,002 |
| Net assets, start / end of year | $75.2M / $92.2M |
| Active participants, start / end of year | 1,058 / 1,028 |
| Participants with account balances | 1,213 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Baker Tilly US, LLP |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $192,866 reported compensation |
| Morgan Stanley Global Banking Opera | $74,465 reported compensation |
| Moss Adams | $24,150 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250903105526NAL0015306449001, received 2025-09-03, EIN 36-3012593, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.