American Equity Investment Life Holding Company 401(k) Review & Grade
American Equity Investment Profit Sharing and 401(k) Plan
West Des Moines, IAFinance & Insurance914 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$12,258Employer $ per active participant
$9,788Employee $ saved per active participant
0.22%Direct admin cost, % of plan assets
$152.8MNet plan assets, end of year
$143,722Average balance per account
Score breakdown
- Employer generosity47.8 / 5096th percentile for employer $ per participant
- Low cost12.9 / 2552th percentile for low admin cost vs. same-size plans
- Employee saving11.2 / 1575th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score79 / 100 · Grade A
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 96th |
| Lower admin cost | 52th |
| Employee saving | 75th |
| Peers that auto-enroll | 62% |
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Red flags from the filing
Corrective distributions: the plan refunded $743 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- American Equity Investment Life Holding put in about $12,258 per active participant, more than the typical peer ($3,606). Contribute at least enough to collect the full match. Skipping it leaves part of your pay on the table.
- 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 | $11,197,374 |
| Participant (employee) contributions | $8,941,606 |
| Other contributions (incl. rollovers in) | $2,243,007 |
| Administrative expenses paid from the plan | $259,241 |
| Contract administrator fees | $259,241 |
| Benefits paid out | $29,174,906 |
| Net assets, start / end of year | $87.5M / $152.8M |
| Active participants, start / end of year | 987 / 840 |
| Participants with account balances | 1,063 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Uhy LLP |
| Employer stock held by plan | $14,370,367 |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $259,240 reported compensation |
| Hays Financial Group | $50,000 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251008103635NAL0005414289001, received 2025-10-08, EIN 42-1447959, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.