Fidelity & Guaranty Life Business Services, Inc. 401(k) Review & Grade
Fidelity & Guaranty Life 401(k) Plan
Des Moines, IAFinance & Insurance1,250 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$8,686Employer $ per active participant
$12,336Employee $ saved per active participant
0.07%Direct admin cost, % of plan assets
$177.2MNet plan assets, end of year
$112,580Average balance per account
Score breakdown
- Employer generosity44.8 / 5090th percentile for employer $ per participant
- Low cost20.1 / 2581th percentile for low admin cost vs. same-size plans
- Employee saving12.5 / 1584th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score84 / 100 · Grade A
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 90th |
| Lower admin cost | 81th |
| Employee saving | 84th |
| Peers that auto-enroll | 62% |
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Red flags from the filing
Corrective distributions: the plan refunded $7,143 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Fidelity & Guaranty Life Business Services put in about $8,686 per active participant, more than the typical peer ($3,606). 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.
- 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 | $10,852,601 |
| Participant (employee) contributions | $15,413,948 |
| Other contributions (incl. rollovers in) | $7,321,625 |
| Administrative expenses paid from the plan | $115,113 |
| Other admin expenses | $50,000 |
| Benefits paid out | $12,228,542 |
| Net assets, start / end of year | $133.6M / $177.2M |
| Active participants, start / end of year | 1,158 / 1,341 |
| Participants with account balances | 1,574 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Cohnreznick LLP |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $65,113 reported compensation |
| RBC Wealth Mgmt a Div of RBC Cap M | $50,000 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250915102751NAL0000635891001, received 2025-09-15, EIN 43-1914674, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.