Tower Federal Credit Union 401(k) Review & Grade
Tower Federal Credit Union Savings Plan
Laurel, MDFinance & Insurance608 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$2,902Employer $ per active participant
$7,355Employee $ saved per active participant
0.14%Direct admin cost, % of plan assets
$91.7MNet plan assets, end of year
$111,617Average balance per account
Score breakdown
- Employer generosity18.6 / 5037th percentile for employer $ per participant
- Low cost16.2 / 2565th percentile for low admin cost vs. same-size plans
- Employee saving8.0 / 1554th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score46 / 100 · Grade C
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 37th |
| Lower admin cost | 65th |
| Employee saving | 54th |
| 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
- Tower Federal Credit Union put in about $2,902 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 | $1,762,694 |
| Participant (employee) contributions | $4,468,437 |
| Other contributions (incl. rollovers in) | $1,175,902 |
| Administrative expenses paid from the plan | $119,548 |
| Investment advisory & management fees | $12,094 |
| Other admin expenses | $47,846 |
| Benefits paid out | $5,551,497 |
| Net assets, start / end of year | $78.0M / $91.7M |
| Active participants, start / end of year | 596 / 619 |
| Participants with account balances | 822 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Doerenmayhew Assurance |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $59,783 reported compensation |
| Cerity Partners Retirement Plan Ad | $47,846 reported compensation |
| Strategic Advisors, Inc. | $12,094 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250812071657NAL0007950993001, received 2025-08-12, EIN 53-0214895, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.