First National Bank Alaska 401(k) Review & Grade
First National Bank Alaska Profit Sharing & 401(k) Plan
Anchorage, AKFinance & Insurance617 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$4,369Employer $ per active participant
$8,822Employee $ saved per active participant
0.14%Direct admin cost, % of plan assets
$119.5MNet plan assets, end of year
$142,279Average balance per account
Score breakdown
- Employer generosity30.5 / 5061th percentile for employer $ per participant
- Low cost16.0 / 2564th percentile for low admin cost vs. same-size plans
- Employee saving10.2 / 1568th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score67 / 100 · Grade B
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 61th |
| Lower admin cost | 64th |
| Employee saving | 68th |
| Peers that auto-enroll | 62% |
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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 National Bank Alaska put in about $4,369 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 | $2,695,676 |
| Participant (employee) contributions | $5,442,986 |
| Other contributions (incl. rollovers in) | $242,796 |
| Administrative expenses paid from the plan | $166,648 |
| Investment advisory & management fees | $45,000 |
| Benefits paid out | $13,933,481 |
| Net assets, start / end of year | $110.9M / $119.5M |
| Active participants, start / end of year | 620 / 614 |
| Participants with account balances | 840 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Crowe, LLP |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company O | $96,973 reported compensation |
| Gallagher Benefit Services Inc DBA | $45,000 reported compensation |
| Crowe LLP | $24,675 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251010191110NAL0019370914001, received 2025-10-10, EIN 92-0006595, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.