Tompkins Financial Corporation 401(k) Review & Grade
Tompkins Retirement Savings Plan
Ithaca, NYFinance & Insurance1,000 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$7,323Employer $ per active participant
$7,759Employee $ saved per active participant
0.10%Direct admin cost, % of plan assets
$220.7MNet plan assets, end of year
$169,384Average balance per account
Score breakdown
- Employer generosity42.7 / 5085th percentile for employer $ per participant
- Low cost18.6 / 2574th percentile for low admin cost vs. same-size plans
- Employee saving8.6 / 1557th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score80 / 100 · Grade A
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 85th |
| Lower admin cost | 74th |
| Employee saving | 57th |
| 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
- Tompkins Financial put in about $7,323 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 | $7,319,703 |
| Participant (employee) contributions | $7,755,196 |
| Other contributions (incl. rollovers in) | $2,244,887 |
| Administrative expenses paid from the plan | $211,099 |
| Contract administrator fees | $206,277 |
| Benefits paid out | $28,529,915 |
| Net assets, start / end of year | $207.1M / $220.7M |
| Active participants, start / end of year | 1,011 / 988 |
| Participants with account balances | 1,303 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Mengel, Metzger, Barr & Co. |
| Employer stock held by plan | $9,202,840 |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $206,276 reported compensation |
| State Street Global Advisors | $10,012 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251003113541NAL0000825731001, received 2025-10-03, EIN 15-0470650, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.