Trustco Bank 401(k) Review & Grade
Trustco Bank Profit Sharing/401(k) Plan
Albany, NYFinance & Insurance806 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$1,707Employer $ per active participant
$2,558Employee $ saved per active participant
0.45%Direct admin cost, % of plan assets
$50.3MNet plan assets, end of year
$39,198Average balance per account
Score breakdown
- Employer generosity8.5 / 5017th percentile for employer $ per participant
- Low cost6.6 / 2526th percentile for low admin cost vs. same-size plans
- Employee saving0.9 / 156th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score19 / 100 · Grade F
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 17th |
| Lower admin cost | 26th |
| Employee saving | 6th |
| 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
- Trustco Bank put in about $1,707 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.
- Direct plan expenses (0.45% of assets) are well above similar-size plans (0.23%). Check your annual fee disclosure, choose low-cost index funds if you can, and think about whether savings beyond the match belong in an IRA.
- 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 | $1,375,056 |
| Participant (employee) contributions | $2,060,568 |
| Other contributions (incl. rollovers in) | $748,499 |
| Administrative expenses paid from the plan | $213,180 |
| Investment advisory & management fees | $5,677 |
| Other admin expenses | $815 |
| Benefits paid out | $5,143,200 |
| Net assets, start / end of year | $44.1M / $50.3M |
| Active participants, start / end of year | 813 / 798 |
| Participants with account balances | 1,283 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Mengel, Metzger, Barr & Co. LLP |
| Employer stock held by plan | $4,529,294 |
Largest service providers (Schedule C)
| Milliman, Inc. | $189,651 reported compensation |
| Charles Schwab Trust Bank | $22,714 reported compensation |
| Charles Schwab & Co. Inc. | $1,484 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015154417NAL0006653568001, received 2025-10-15, EIN 14-0578631, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.