Firstbank of Puerto Rico 401(k) Review & Grade
Firstbank 401(k) Retirement Plan for Residents of Puerto Rico
San Juan, PRFinance & Insurance2,804 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,082Employer $ per active participant
$2,821Employee $ saved per active participant
0.06%Direct admin cost, % of plan assets
$164.4MNet plan assets, end of year
$49,110Average balance per account
Score breakdown
- Employer generosity3.3 / 507th percentile for employer $ per participant
- Low cost17.6 / 2571th percentile for low admin cost vs. same-size plans
- Employee saving0.2 / 152th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score31 / 100 · Grade D
This plan vs. peers
Peers: Finance & Insurance plans with 2,500–9,999 active participants (199 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 7th |
| Lower admin cost | 71th |
| Employee saving | 2th |
| 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
- Firstbank of Puerto Rico put in about $1,082 per active participant, below the typical peer ($4,489). Any match is still an instant return, so contribute enough to get all of it.
- 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 | $3,033,361 |
| Participant (employee) contributions | $7,911,299 |
| Other contributions (incl. rollovers in) | $374,985 |
| Administrative expenses paid from the plan | $99,648 |
| Benefits paid out | $9,189,344 |
| Net assets, start / end of year | $142.9M / $164.4M |
| Active participants, start / end of year | 2,826 / 2,782 |
| Participants with account balances | 3,348 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Crowe LLP |
Largest service providers (Schedule C)
| Milliman, Inc. | $74,852 reported compensation |
| Charles Schwab Trust Bank | $12,554 reported compensation |
| Charles Schwab & Co., Inc. | $0 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250728145044NAL0001725553001, received 2025-07-28, EIN 66-0183103, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.