Farmers & Merchants Bank of Long Beach 401(k) Review & Grade
Farmers & Merchants Bank of Long Beach Profit Sharing and 401(k) Plan
Long Beach, CAFinance & Insurance882 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$8,792Employer $ per active participant
$4,250Employee $ saved per active participant
0.11%Direct admin cost, % of plan assets
$174.5MNet plan assets, end of year
$176,768Average balance per account
Score breakdown
- Employer generosity45.0 / 5090th percentile for employer $ per participant
- Low cost18.1 / 2572th percentile for low admin cost vs. same-size plans
- Employee saving2.3 / 1515th percentile for employee $ per participant
- Plan features0 / 10No auto-enrollment or default investment reported
Total score65 / 100 · Grade B
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 90th |
| Lower admin cost | 72th |
| Employee saving | 15th |
| 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
- Farmers & Merchants Bank of Long Beach put in about $8,792 per active participant, more than the typical peer ($3,606). 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.
- 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 | $7,754,977 |
| Participant (employee) contributions | $3,748,787 |
| Other contributions (incl. rollovers in) | $936,970 |
| Administrative expenses paid from the plan | $175,944 |
| Other admin expenses | $40,702 |
| Benefits paid out | $10,561,111 |
| Net assets, start / end of year | $153.0M / $174.5M |
| Active participants, start / end of year | 869 / 895 |
| Participants with account balances | 987 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Windes, Inc. |
Largest service providers (Schedule C)
| T Rowe Price RPS Inc | $113,742 reported compensation |
| Benefit Finacial Services Group | $40,000 reported compensation |
| Windes Inc. | $21,500 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250804092520NAL0000656723001, received 2025-08-04, EIN 95-0726412, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.