Alfa Mutual Insurance Company 401(k) Review & Grade
Savings and Profit Sharing Plan and Trust Agreement of Alfa Mutual Insurance Company
Montgomery, ALFinance & Insurance2,364 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$2,203Employer $ per active participant
$4,841Employee $ saved per active participant
0.13%Direct admin cost, % of plan assets
$271.9MNet plan assets, end of year
$100,052Average balance per account
Score breakdown
- Employer generosity12.1 / 5024th percentile for employer $ per participant
- Low cost17.0 / 2568th percentile for low admin cost vs. same-size plans
- Employee saving3.1 / 1521th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score42 / 100 · Grade D
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 24th |
| Lower admin cost | 68th |
| Employee saving | 21th |
| 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
- Alfa Mutual Insurance put in about $2,203 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 | $5,207,624 |
| Participant (employee) contributions | $11,441,224 |
| Other contributions (incl. rollovers in) | $561,724 |
| Administrative expenses paid from the plan | $324,888 |
| Contract administrator fees | $324,132 |
| Other admin expenses | $756 |
| Benefits paid out | $22,229,405 |
| Net assets, start / end of year | $242.2M / $271.9M |
| Active participants, start / end of year | 2,369 / 2,358 |
| Participants with account balances | 2,718 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Warren Averett, LLC |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $234,363 reported compensation |
| Sei Investments Co | $106,445 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250926080127NAL0011559219001, received 2025-09-26, EIN 63-0262164, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.