Crosscountry Mortgage, LLC 401(k) Review & Grade
Crosscountry Mortgage 401(k) Retirement Savings Plan
Cleveland, OHFinance & Insurance7,563 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$712Employer $ per active participant
$5,699Employee $ saved per active participant
0.40%Direct admin cost, % of plan assets
$340.3MNet plan assets, end of year
$58,329Average balance per account
Score breakdown
- Employer generosity2.3 / 505th percentile for employer $ per participant
- Low cost4.1 / 2517th percentile for low admin cost vs. same-size plans
- Employee saving2.6 / 1517th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score16 / 100 · Grade F
This plan vs. peers
Peers: Finance & Insurance plans with 2,500–9,999 active participants (199 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 5th |
| Lower admin cost | 17th |
| Employee saving | 17th |
| Peers that auto-enroll | 66% |
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Red flags from the filing
Corrective distributions: the plan refunded $391,190 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Crosscountry Mortgage put in about $712 per active participant, below the typical peer ($4,489). 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 (0.12%). 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 | $5,383,498 |
| Participant (employee) contributions | $43,104,711 |
| Other contributions (incl. rollovers in) | $16,178,664 |
| Administrative expenses paid from the plan | $1,243,001 |
| Contract administrator fees | $1,243,001 |
| Benefits paid out | $34,916,151 |
| Net assets, start / end of year | $278.2M / $340.3M |
| Active participants, start / end of year | 7,089 / 8,037 |
| Participants with account balances | 5,834 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Richey May & Co, LLP |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $1,243,001 reported compensation |
| Global Retirement Partners LLC | $63,500 reported compensation |
| Morningstar Investment Management L | $0 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251002095613NAL0000299457001, received 2025-10-02, EIN 57-1175755, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.