Community Financial System, Inc 401(k) Review & Grade
Community Financial System, Inc 401k Employee Stock Ownership Plan
Dewitt, NYFinance & Insurance2,668 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$3,666Employer $ per active participant
$6,058Employee $ saved per active participant
0.02%Direct admin cost, % of plan assets
$474.2MNet plan assets, end of year
$136,306Average balance per account
Score breakdown
- Employer generosity18.9 / 5038th percentile for employer $ per participant
- Low cost23.3 / 2593th percentile for low admin cost vs. same-size plans
- Employee saving3.2 / 1521th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score52 / 100 · Grade C
This plan vs. peers
Peers: Finance & Insurance plans with 2,500–9,999 active participants (199 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 38th |
| Lower admin cost | 93th |
| Employee saving | 21th |
| Peers that auto-enroll | 66% |
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Red flags from the filing
Corrective distributions: the plan refunded $556 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Community Financial System put in about $3,666 per active participant, below the typical peer ($4,489). 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 | $9,782,232 |
| Participant (employee) contributions | $16,165,287 |
| Other contributions (incl. rollovers in) | $6,645,216 |
| Administrative expenses paid from the plan | $98,613 |
| Contract administrator fees | $89,201 |
| Investment advisory & management fees | $1,988 |
| Other admin expenses | $7,424 |
| Benefits paid out | $38,832,428 |
| Net assets, start / end of year | $415.6M / $474.2M |
| Active participants, start / end of year | 2,675 / 2,662 |
| Participants with account balances | 3,479 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Dannible & Mckee, LLP |
| Employer stock held by plan | $87,776,467 |
Largest service providers (Schedule C)
| Benefit Plans Admin Services, Inc. | $98,613 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250702125649NAL0012996513001, received 2025-07-02, EIN 16-1213679, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.