Gateway First Bank 401(k) Review & Grade
Gateway First Bank 401(k) Retirement Plan
Jenks, OKFinance & Insurance784 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$2,917Employer $ per active participant
$6,702Employee $ saved per active participant
0.25%Direct admin cost, % of plan assets
$75.5MNet plan assets, end of year
$90,930Average balance per account
Score breakdown
- Employer generosity18.8 / 5038th percentile for employer $ per participant
- Low cost11.8 / 2547th percentile for low admin cost vs. same-size plans
- Employee saving6.8 / 1546th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score40 / 100 · Grade D
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 38th |
| Lower admin cost | 47th |
| Employee saving | 46th |
| 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
- Gateway First Bank put in about $2,917 per active participant, below the typical peer ($3,606). 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.
- 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 | $2,287,055 |
| Participant (employee) contributions | $5,254,078 |
| Other contributions (incl. rollovers in) | $610,965 |
| Administrative expenses paid from the plan | $183,715 |
| Investment advisory & management fees | $60,079 |
| Benefits paid out | $13,639,966 |
| Net assets, start / end of year | $71.5M / $75.5M |
| Active participants, start / end of year | 806 / 762 |
| Participants with account balances | 830 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Payne & Smith, LLC CPA |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $123,690 reported compensation |
| Global Retirement Partners LLC | $60,079 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250926170818NAL0004116147001, received 2025-09-26, EIN 73-1577221, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.