Canadian Imperial Bank of Commerce 401(k) Review & Grade
Cibc Retirement Savings Plan for U.S. Employees
Chicago, ILFinance & Insurance3,504 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$9,760Employer $ per active participant
$15,009Employee $ saved per active participant
0.03%Direct admin cost, % of plan assets
$1.1BNet plan assets, end of year
$222,688Average balance per account
Score breakdown
- Employer generosity43.9 / 5088th percentile for employer $ per participant
- Low cost22.9 / 2592th percentile for low admin cost vs. same-size plans
- Employee saving13.8 / 1592th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score81 / 100 · Grade A
This plan vs. peers
Peers: Finance & Insurance plans with 2,500–9,999 active participants (199 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 88th |
| Lower admin cost | 92th |
| Employee saving | 92th |
| Peers that auto-enroll | 66% |
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Red flags from the filing
Corrective distributions: the plan refunded $183,342 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Canadian Imperial Bank of Commerce put in about $9,760 per active participant, more than the typical peer ($4,489). Contribute at least enough to collect the full match. Skipping it leaves part of your pay on the table.
- 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.
- 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 | $34,194,004 |
| Participant (employee) contributions | $52,585,013 |
| Other contributions (incl. rollovers in) | $11,283,698 |
| Administrative expenses paid from the plan | $271,122 |
| Investment advisory & management fees | $24,696 |
| Other admin expenses | $22,231 |
| Benefits paid out | $62,470,917 |
| Net assets, start / end of year | $929.8M / $1.1B |
| Active participants, start / end of year | 3,385 / 3,622 |
| Participants with account balances | 5,013 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Ernst & Young LLP |
| Employer stock held by plan | $44,455,987 |
Largest service providers (Schedule C)
| The Vanguard Group, Inc. | $272,056 reported compensation |
| Vanguard Advisers Inc. | $8,296 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250715133513NAL0002154241001, received 2025-07-15, EIN 13-1942440, plan #006, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.