Banner Corporation 401(k) Review & Grade
Banner Corporation 401(k)/profit Sharing Plan
Walla Walla, WAFinance & Insurance1,936 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$3,582Employer $ per active participant
$8,013Employee $ saved per active participant
0.11%Direct admin cost, % of plan assets
$258.6MNet plan assets, end of year
$95,392Average balance per account
Score breakdown
- Employer generosity24.8 / 5050th percentile for employer $ per participant
- Low cost18.1 / 2572th percentile for low admin cost vs. same-size plans
- Employee saving9.1 / 1561th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score59 / 100 · Grade C
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 50th |
| Lower admin cost | 72th |
| Employee saving | 61th |
| Peers that auto-enroll | 62% |
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Red flags from the filing
Corrective distributions: the plan refunded $305 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Banner put in about $3,582 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 | $6,935,324 |
| Participant (employee) contributions | $15,512,509 |
| Other contributions (incl. rollovers in) | $2,259,693 |
| Administrative expenses paid from the plan | $261,056 |
| Investment advisory & management fees | $46,383 |
| Benefits paid out | $25,200,329 |
| Net assets, start / end of year | $229.3M / $258.6M |
| Active participants, start / end of year | 1,915 / 1,957 |
| Participants with account balances | 2,711 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Clark Nuber P.S. |
| Employer stock held by plan | $1,389,293 |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $214,673 reported compensation |
| Strategic Advisors, Inc. | $46,383 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250827135926NAL0005018163001, received 2025-08-27, EIN 91-1691604, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.