Citizens Financial Group, Inc. 401(k) Review & Grade
CFG Retirement Savings Plan
Johnston, RIFinance & Insurance17,797 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$4,792Employer $ per active participant
$7,436Employee $ saved per active participant
0.06%Direct admin cost, % of plan assets
$3.2BNet plan assets, end of year
$136,081Average balance per account
Score breakdown
- Employer generosity21.1 / 5042th percentile for employer $ per participant
- Low cost16.5 / 2566th percentile for low admin cost vs. same-size plans
- Employee saving2.7 / 1518th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score40 / 100 · Grade D
This plan vs. peers
Peers: Finance & Insurance plans with 10,000+ active participants (72 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 42th |
| Lower admin cost | 66th |
| Employee saving | 18th |
| Peers that auto-enroll | 74% |
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Red flags from the filing
Corrective distributions: the plan refunded $42,407 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Citizens Financial Group put in about $4,792 per active participant, below the typical peer ($5,179). 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 | $85,289,218 |
| Participant (employee) contributions | $132,337,115 |
| Other contributions (incl. rollovers in) | $30,874,971 |
| Administrative expenses paid from the plan | $1,773,491 |
| Investment advisory & management fees | $1,693,086 |
| Other admin expenses | $4,200 |
| Benefits paid out | $356,869,038 |
| Net assets, start / end of year | $2.9B / $3.2B |
| Active participants, start / end of year | 17,893 / 17,701 |
| Participants with account balances | 23,881 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Deloitte and Touche LLP |
Largest service providers (Schedule C)
| Empower Advisory Group, LLC | $1,508,239 reported compensation |
| Empower Annuity Insurance Company | $946,728 reported compensation |
| Mercer Investment Consulting Inc | $107,678 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250930144855NAL0012421393001, received 2025-09-30, EIN 05-0412693, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.