First Horizon Corporation 401(k) Review & Grade
First Horizon Corporation Savings Plan
Memphis, TNFinance & Insurance7,350 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$4,918Employer $ per active participant
$7,115Employee $ saved per active participant
0.11%Direct admin cost, % of plan assets
$1.1BNet plan assets, end of year
$115,604Average balance per account
Score breakdown
- Employer generosity28.0 / 5056th percentile for employer $ per participant
- Low cost13.7 / 2555th percentile for low admin cost vs. same-size plans
- Employee saving5.0 / 1533th percentile for employee $ per participant
- Plan features7 / 10Auto-enrollment
Total score54 / 100 · Grade C
This plan vs. peers
Peers: Finance & Insurance plans with 2,500–9,999 active participants (199 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 56th |
| Lower admin cost | 55th |
| Employee saving | 33th |
| Peers that auto-enroll | 66% |
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Red flags from the filing
No red flags were reported on this filing's compliance questions.
What to do if you're in this plan
- First Horizon put in about $4,918 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.
- 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 | $36,148,790 |
| Participant (employee) contributions | $52,292,285 |
| Other contributions (incl. rollovers in) | $9,400,715 |
| Administrative expenses paid from the plan | $1,132,223 |
| Investment advisory & management fees | $273,526 |
| Other admin expenses | $571 |
| Benefits paid out | $125,650,990 |
| Net assets, start / end of year | $979.7M / $1.1B |
| Active participants, start / end of year | 7,294 / 7,406 |
| Participants with account balances | 9,671 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Cbiz Cpas P.C. |
| Employer stock held by plan | $115,808,934 |
Largest service providers (Schedule C)
| Transamerica Retirement Solutions | $791,550 reported compensation |
| Blackrock Instiutional Trust Co | $100,915 reported compensation |
| Aon Investment USA, Inc | $86,520 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250703121731NAL0000592273001, received 2025-07-03, EIN 62-0803242, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.