The Canandaigua National Bank and Trust Company 401(k) Review & Grade
The Canandaigua National Bank and Trust Company Profit Sharing and 401(k) Plan
Pittsford, NYFinance & Insurance694 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$5,263Employer $ per active participant
$6,214Employee $ saved per active participant
0.08%Direct admin cost, % of plan assets
$141.5MNet plan assets, end of year
$194,111Average balance per account
Score breakdown
- Employer generosity34.4 / 5069th percentile for employer $ per participant
- Low cost19.5 / 2578th percentile for low admin cost vs. same-size plans
- Employee saving5.8 / 1539th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score63 / 100 · Grade B
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 69th |
| Lower admin cost | 78th |
| Employee saving | 39th |
| 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
- Canandaigua National Bank and Trust put in about $5,263 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.
- 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 | $3,650,000 |
| Participant (employee) contributions | $4,309,484 |
| Other contributions (incl. rollovers in) | $657,243 |
| Administrative expenses paid from the plan | $116,048 |
| Benefits paid out | $14,769,686 |
| Net assets, start / end of year | $131.9M / $141.5M |
| Active participants, start / end of year | 729 / 658 |
| Participants with account balances | 729 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Freed Maxick Cpas PC |
Largest service providers (Schedule C)
| Epic Retirement Plan Services | $95,048 reported compensation |
| Freed Maxick Cpas PC | $21,000 reported compensation |
| Canandaigua National Bank and Trust | $0 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251008152624NAL0003389635003, received 2025-10-08, EIN 16-0373410, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.