First Federal Bank 401(k) Review & Grade
First Federal Bank 401(k) Profit Sharing Plan
Lake City, FLFinance & Insurance582 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$5,898Employer $ per active participant
$6,992Employee $ saved per active participant
0.47%Direct admin cost, % of plan assets
$92.9MNet plan assets, end of year
$161,206Average balance per account
Score breakdown
- Employer generosity37.6 / 5075th percentile for employer $ per participant
- Low cost6.3 / 2525th percentile for low admin cost vs. same-size plans
- Employee saving7.5 / 1550th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score51 / 100 · Grade C
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 75th |
| Lower admin cost | 25th |
| Employee saving | 50th |
| Peers that auto-enroll | 62% |
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Red flags from the filing
Corrective distributions: the plan refunded $28,235 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- First Federal Bank put in about $5,898 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.
- Direct plan expenses (0.47% of assets) are well above similar-size plans (0.23%). 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.
- 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 | $3,435,543 |
| Participant (employee) contributions | $4,072,757 |
| Other contributions (incl. rollovers in) | $359,495 |
| Administrative expenses paid from the plan | $414,455 |
| Contract administrator fees | $45,407 |
| Investment advisory & management fees | $323,003 |
| Benefits paid out | $10,763,580 |
| Net assets, start / end of year | $84.8M / $92.9M |
| Active participants, start / end of year | 605 / 560 |
| Participants with account balances | 576 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Hacker, Johnson & Smith, PA |
Largest service providers (Schedule C)
| Raymond James & Associates Inc | $323,003 reported compensation |
| Capital Group Retirement Plan Servi | $46,045 reported compensation |
| Pasi, LLC | $45,407 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250729153317NAL0003580449001, received 2025-07-29, EIN 59-0969721, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.