First American Bank Corporation 401(k) Review & Grade

First American Bank Corporation Profit Sharing Plan

Elk Grove Village, ILFinance & Insurance882 active participantsPlan year 2024✓ Auto-enroll

Estimate from the plan's Form 5500 filing · How we grade

$2,392Employer $ per active participant

$7,352Employee $ saved per active participant

0.00%Direct admin cost, % of plan assets

$197.8MNet plan assets, end of year

$179,648Average balance per account

Score breakdown

Employer generosity14.1 / 50
28th percentile for employer $ per participant
Low cost24.8 / 25
99th percentile for low admin cost vs. same-size plans
Employee saving8.0 / 15
54th percentile for employee $ per participant
Plan features10 / 10
Auto-enrollment, Default investment

Total score57 / 100 · Grade C

This plan vs. peers

Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).

Measure	Percentile
Employer $ per participant	28th
Lower admin cost	99th
Employee saving	54th
Peers that auto-enroll	62%

Get the monthly 401(k) report card

The best and worst plans, new grades as filings post. One email a month, no spam.

Or subscribe here →

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

First American Bank put in about $2,392 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	$2,109,843
Participant (employee) contributions	$6,484,493
Other contributions (incl. rollovers in)	$1,069,294
Administrative expenses paid from the plan	$6,504
Benefits paid out	$13,297,028
Net assets, start / end of year	$172.3M / $197.8M
Active participants, start / end of year	885 / 879
Participants with account balances	1,101
Auto-enrollment (feature code 2S)	Yes
Auditor	Legacy Professionals LLP

Largest service providers (Schedule C)

First American Bank

$6,504 reported compensation

Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251010114504NAL0013021456001, received 2025-10-10, EIN 36-2782306, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.