Banyan Software Holdings, LLC 401(k) Review & Grade
Banyan Software Retirement Plan
Atlanta, GAProfessional, Scientific & Technical Services554 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$3,275Employer $ per active participant
$8,447Employee $ saved per active participant
0.50%Direct admin cost, % of plan assets
$35.5MNet plan assets, end of year
$63,499Average balance per account
Score breakdown
- Employer generosity26.7 / 5053th percentile for employer $ per participant
- Low cost5.9 / 2523th percentile for low admin cost vs. same-size plans
- Employee saving6.8 / 1545th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score29 / 100 · Grade F
This plan vs. peers
Peers: Professional, Scientific & Technical Services plans with 500–2,499 active participants (1,469 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 53th |
| Lower admin cost | 23th |
| Employee saving | 45th |
| Peers that auto-enroll | 48% |
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Red flags from the filing
Late deposits: the filing says some employee contributions were not sent to the plan on time ($567,944 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $1,124 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Banyan Software Holdings put in about $3,275 per active participant, more than the typical peer ($3,082). 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.
- Direct plan expenses (0.50% of assets) are well above similar-size plans (0.23%). Check your annual fee disclosure, choose low-cost index funds if you can, and think about whether savings beyond the match belong in an IRA.
- The plan reported late deposits of employee contributions. Compare your pay stubs with your account statements, and contact the plan administrator if money shows up late.
- 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 | $1,816,260 |
| Participant (employee) contributions | $4,683,874 |
| Other contributions (incl. rollovers in) | $5,707,016 |
| Administrative expenses paid from the plan | $143,376 |
| Contract administrator fees | $300 |
| Investment advisory & management fees | $67,834 |
| Benefits paid out | $2,812,578 |
| Net assets, start / end of year | $22.3M / $35.5M |
| Active participants, start / end of year | 401 / 708 |
| Participants with account balances | 559 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Ostrow Reisin Berk and Abrams, LTD. |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $75,541 reported compensation |
| Alera Investment Advisors LLC | $49,517 reported compensation |
| Strategic Advisors, Inc. | $18,317 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014145220NAL0004292544001, received 2025-10-14, EIN 85-3636022, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.