Union Savings Bank 401(k) Review & Grade
Union Savings Bank 401(k) Plan
Cincinnati, OHFinance & Insurance543 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$1,256Employer $ per active participant
$3,788Employee $ saved per active participant
0.22%Direct admin cost, % of plan assets
$44.5MNet plan assets, end of year
$101,480Average balance per account
Score breakdown
- Employer generosity5.8 / 5012th percentile for employer $ per participant
- Low cost12.7 / 2551th percentile for low admin cost vs. same-size plans
- Employee saving1.6 / 1511th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-10 pts1 issue reported on the filing
Total score13 / 100 · Grade F
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 12th |
| Lower admin cost | 51th |
| Employee saving | 11th |
| Peers that auto-enroll | 62% |
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Red flags from the filing
Late deposits: the filing says some employee contributions were not sent to the plan on time ($154,834 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
What to do if you're in this plan
- Union Savings Bank put in about $1,256 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.
- The plan reported late deposits of employee contributions. Compare your pay stubs with your account statements, and contact the plan administrator if money shows up late.
- 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 | $682,193 |
| Participant (employee) contributions | $2,056,825 |
| Other contributions (incl. rollovers in) | $63,725 |
| Administrative expenses paid from the plan | $96,253 |
| Investment advisory & management fees | $49,387 |
| Other admin expenses | $16,326 |
| Benefits paid out | $4,596,076 |
| Net assets, start / end of year | $41.9M / $44.5M |
| Active participants, start / end of year | 563 / 523 |
| Participants with account balances | 439 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Forvis Mazars, LLP |
Largest service providers (Schedule C)
| Pension Corporation of America | $60,705 reported compensation |
| Pca Investment Advisory Services | $49,387 reported compensation |
| Charles Schwab Trust Bank | $12,924 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015103954NAL0005989312001, received 2025-10-15, EIN 31-0473290, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.