Synchrony Financial 401(k) Review & Grade
Synchrony Financial My Savings Plan
Stamford, CTFinance & Insurance10,664 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$8,126Employer $ per active participant
$8,131Employee $ saved per active participant
0.03%Direct admin cost, % of plan assets
$1.6BNet plan assets, end of year
$123,093Average balance per account
Score breakdown
- Employer generosity39.4 / 5079th percentile for employer $ per participant
- Low cost21.4 / 2586th percentile for low admin cost vs. same-size plans
- Employee saving5.1 / 1534th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score73 / 100 · Grade B
This plan vs. peers
Peers: Finance & Insurance plans with 10,000+ active participants (72 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 79th |
| Lower admin cost | 86th |
| Employee saving | 34th |
| Peers that auto-enroll | 74% |
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Red flags from the filing
Corrective distributions: the plan refunded $6,893 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Synchrony Financial put in about $8,126 per active participant, more than the typical peer ($5,179). 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 | $86,646,824 |
| Participant (employee) contributions | $86,709,018 |
| Other contributions (incl. rollovers in) | $25,828,662 |
| Administrative expenses paid from the plan | $388,040 |
| Contract administrator fees | $900 |
| Other admin expenses | $11,593 |
| Benefits paid out | $123,670,361 |
| Net assets, start / end of year | $1.3B / $1.6B |
| Active participants, start / end of year | 10,640 / 10,687 |
| Participants with account balances | 12,707 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | PKF O'connor Davies, LLP |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $376,447 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014102133NAL0003643632001, received 2025-10-14, EIN 51-0483352, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.