Bankers Healthcare Group, LLC 401(k) Review & Grade
Bankers Healthcare Group, LLC Employees' 401(k) Retirement Plan
Syracuse, NYFinance & Insurance1,194 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$2,503Employer $ per active participant
$8,205Employee $ saved per active participant
0.06%Direct admin cost, % of plan assets
$91.4MNet plan assets, end of year
$65,976Average balance per account
Score breakdown
- Employer generosity15.2 / 5030th percentile for employer $ per participant
- Low cost21.4 / 2585th percentile for low admin cost vs. same-size plans
- Employee saving9.3 / 1562th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score49 / 100 · Grade C
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 30th |
| Lower admin cost | 85th |
| Employee saving | 62th |
| 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
- Bankers Healthcare Group put in about $2,503 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.
- 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 | $2,988,235 |
| Participant (employee) contributions | $9,796,247 |
| Other contributions (incl. rollovers in) | $1,098,862 |
| Administrative expenses paid from the plan | $46,359 |
| Other admin expenses | $46,359 |
| Benefits paid out | $7,635,127 |
| Net assets, start / end of year | $74.5M / $91.4M |
| Active participants, start / end of year | 1,257 / 1,131 |
| Participants with account balances | 1,386 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Evans and Bennett |
Largest service providers (Schedule C)
| Actuarial Pension Analysts, Inc. | $70,479 reported compensation |
| Voya Retirement Ins & Ann Co | $15,750 reported compensation |
| Mma Securities LLC | $15,188 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250929101928NAL0015041315001, received 2025-09-29, EIN 65-0376686, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.