Finra 401(k) Review & Grade
Finra Savings Plus Plan
Washington, DCOther Services4,212 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$16,362Employer $ per active participant
$17,454Employee $ saved per active participant
0.03%Direct admin cost, % of plan assets
$2.5BNet plan assets, end of year
$401,776Average balance per account
Score breakdown
- Employer generosity50.0 / 50100th percentile for employer $ per participant
- Low cost22.1 / 2588th percentile for low admin cost vs. same-size plans
- Employee saving15.0 / 15100th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score94 / 100 · Grade A
This plan vs. peers
Peers: Other Services plans with 2,500–9,999 active participants (42 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 100th |
| Lower admin cost | 88th |
| Employee saving | 100th |
| Peers that auto-enroll | 45% |
Red flags from the filing
Corrective distributions: the plan refunded $8,147 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Finra put in about $16,362 per active participant, more than the typical peer ($1,132). 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 | $68,917,575 |
| Participant (employee) contributions | $73,516,148 |
| Other contributions (incl. rollovers in) | $14,086,611 |
| Administrative expenses paid from the plan | $774,004 |
| Other admin expenses | $774,004 |
| Benefits paid out | $160,469,779 |
| Net assets, start / end of year | $2.2B / $2.5B |
| Active participants, start / end of year | 4,201 / 4,223 |
| Participants with account balances | 6,191 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Ernst & Young LLP |
Largest service providers (Schedule C)
| Vanguard Advisers Inc. | $659,187 reported compensation |
| The Vanguard Group, Inc. | $129,072 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251002120142NAL0000460785001, received 2025-10-02, EIN 53-0088710, plan #003, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.
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