First-Citizens Bank & Trust Company 401(k) Review & Grade
First-Citizens Bank & Trust Company Legacy 401(k) Plan
Raleigh, NCFinance & Insurance711 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$4,555Employer $ per active participant
$9,769Employee $ saved per active participant
0.00%Direct admin cost, % of plan assets
$363.3MNet plan assets, end of year
$328,759Average balance per account
Score breakdown
- Employer generosity31.5 / 5063th percentile for employer $ per participant
- Low cost24.8 / 2599th percentile for low admin cost vs. same-size plans
- Employee saving11.2 / 1575th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score71 / 100 · Grade B
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 63th |
| Lower admin cost | 99th |
| Employee saving | 75th |
| 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
- First-Citizens Bank & Trust put in about $4,555 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 | $3,238,393 |
| Participant (employee) contributions | $6,945,860 |
| Other contributions (incl. rollovers in) | $0 |
| Administrative expenses paid from the plan | $11,418 |
| Benefits paid out | $31,004,666 |
| Net assets, start / end of year | $343.6M / $363.3M |
| Active participants, start / end of year | 753 / 669 |
| Participants with account balances | 1,105 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Cherry Bekaert |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $11,418 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251003145411NAL0000926323001, received 2025-10-03, EIN 56-0223230, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.