1st Franklin Financial Corporation 401(k) Review & Grade
1st Franklin Financial 401(k) Retirement Plan
Toccoa, GAFinance & Insurance1,666 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,810Employer $ per active participant
$3,951Employee $ saved per active participant
0.24%Direct admin cost, % of plan assets
$111.7MNet plan assets, end of year
$60,198Average balance per account
Score breakdown
- Employer generosity9.4 / 5019th percentile for employer $ per participant
- Low cost12.0 / 2548th percentile for low admin cost vs. same-size plans
- Employee saving1.8 / 1512th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score30 / 100 · Grade D
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 19th |
| Lower admin cost | 48th |
| Employee saving | 12th |
| Peers that auto-enroll | 62% |
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Red flags from the filing
Corrective distributions: the plan refunded $49,901 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- 1st Franklin Financial put in about $1,810 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 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 | $3,015,194 |
| Participant (employee) contributions | $6,579,993 |
| Other contributions (incl. rollovers in) | $536,599 |
| Administrative expenses paid from the plan | $260,239 |
| Contract administrator fees | $5,784 |
| Investment advisory & management fees | $102,476 |
| Benefits paid out | $12,772,723 |
| Net assets, start / end of year | $102.5M / $111.7M |
| Active participants, start / end of year | 1,680 / 1,651 |
| Participants with account balances | 1,855 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Cbiz Cpas P.C. |
Largest service providers (Schedule C)
| Schwab Retirement Plan Services,inc | $167,577 reported compensation |
| Aon Hewitt Investment Consulting | $109,950 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250709141037NAL0013061474001, received 2025-07-09, EIN 58-0521233, plan #003, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.