Amica Mutual Insurance Company 401(k) Review & Grade
Amica 401(k) Retirement Savings Plan
Providence, RIFinance & Insurance3,521 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$5,570Employer $ per active participant
$8,111Employee $ saved per active participant
0.02%Direct admin cost, % of plan assets
$988.7MNet plan assets, end of year
$183,369Average balance per account
Score breakdown
- Employer generosity31.8 / 5064th percentile for employer $ per participant
- Low cost23.2 / 2593th percentile for low admin cost vs. same-size plans
- Employee saving6.8 / 1545th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score69 / 100 · Grade B
This plan vs. peers
Peers: Finance & Insurance plans with 2,500–9,999 active participants (199 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 64th |
| Lower admin cost | 93th |
| Employee saving | 45th |
| Peers that auto-enroll | 66% |
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Red flags from the filing
Corrective distributions: the plan refunded $684 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Amica Mutual Insurance put in about $5,570 per active participant, more than the typical peer ($4,489). 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 | $19,613,608 |
| Participant (employee) contributions | $28,557,877 |
| Other contributions (incl. rollovers in) | $3,006,400 |
| Administrative expenses paid from the plan | $225,466 |
| Other admin expenses | $225,466 |
| Benefits paid out | $60,039,150 |
| Net assets, start / end of year | $877.1M / $988.7M |
| Active participants, start / end of year | 3,528 / 3,514 |
| Participants with account balances | 5,392 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Grant Thornton LLP |
Largest service providers (Schedule C)
| Vanguard Advisers Inc. | $188,379 reported compensation |
| The Vanguard Group, Inc. | $57,687 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251009153903NAL0011780112001, received 2025-10-09, EIN 05-0348344, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.