Farmers National Bank of Canfield 401(k) Review & Grade
Farmers National Bank 401(k) Retirement Savings Plan
Canfield, OHFinance & Insurance531 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$2,090Employer $ per active participant
$6,207Employee $ saved per active participant
0.19%Direct admin cost, % of plan assets
$60.6MNet plan assets, end of year
$88,636Average balance per account
Score breakdown
- Employer generosity10.9 / 5022th percentile for employer $ per participant
- Low cost14.1 / 2557th percentile for low admin cost vs. same-size plans
- Employee saving5.8 / 1539th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score31 / 100 · Grade D
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 22th |
| Lower admin cost | 57th |
| Employee saving | 39th |
| Peers that auto-enroll | 62% |
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Red flags from the filing
Corrective distributions: the plan refunded $45,388 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Farmers National Bank of Canfield put in about $2,090 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.
- 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 | $1,110,050 |
| Participant (employee) contributions | $3,296,006 |
| Other contributions (incl. rollovers in) | $552,719 |
| Administrative expenses paid from the plan | $111,733 |
| Contract administrator fees | $111,733 |
| Benefits paid out | $11,314,343 |
| Net assets, start / end of year | $59.8M / $60.6M |
| Active participants, start / end of year | 533 / 529 |
| Participants with account balances | 684 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Crowe LLP |
| Employer stock held by plan | $2,118,672 |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company | $72,895 reported compensation |
| National Associates Inc | $28,652 reported compensation |
| Empower Advisory Group | $14,689 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250718100340NAL0002508482002, received 2025-07-18, EIN 34-0214400, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.