FB Financial Corporation 401(k) Review & Grade
Firstbank 401(k) Savings Plan & Trust
Nashville, TNFinance & Insurance1,432 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$2,334Employer $ per active participant
$6,134Employee $ saved per active participant
0.24%Direct admin cost, % of plan assets
$111.3MNet plan assets, end of year
$60,710Average balance per account
Score breakdown
- Employer generosity13.4 / 5027th percentile for employer $ per participant
- Low cost12.3 / 2549th percentile for low admin cost vs. same-size plans
- Employee saving5.5 / 1537th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score38 / 100 · Grade D
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 27th |
| Lower admin cost | 49th |
| Employee saving | 37th |
| Peers that auto-enroll | 62% |
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Red flags from the filing
Corrective distributions: the plan refunded $4,851 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- FB Financial put in about $2,334 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.
- 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 | $3,341,883 |
| Participant (employee) contributions | $8,783,653 |
| Other contributions (incl. rollovers in) | $2,715,033 |
| Administrative expenses paid from the plan | $247,950 |
| Investment advisory & management fees | $67,940 |
| Benefits paid out | $16,980,579 |
| Net assets, start / end of year | $99.5M / $111.3M |
| Active participants, start / end of year | 1,435 / 1,429 |
| Participants with account balances | 1,833 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Horne LLP |
Largest service providers (Schedule C)
| Transamerica Retirement Solutions | $155,154 reported compensation |
| Cambridge Investment Research Advis | $37,628 reported compensation |
| Access Retirement | $30,312 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250709184508NAL0013572754001, received 2025-07-09, EIN 62-1216058, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.