First-Citizens Bank & Trust Company 401(k) Review & Grade
First-Citizens Bank & Trust Company 401(k) Plan
Raleigh, NCFinance & Insurance15,519 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$10,172Employer $ per active participant
$9,945Employee $ saved per active participant
0.02%Direct admin cost, % of plan assets
$2.7BNet plan assets, end of year
$136,245Average balance per account
Score breakdown
- Employer generosity45.1 / 5090th percentile for employer $ per participant
- Low cost22.2 / 2589th percentile for low admin cost vs. same-size plans
- Employee saving8.9 / 1559th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score73 / 100 · Grade B
This plan vs. peers
Peers: Finance & Insurance plans with 10,000+ active participants (72 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 90th |
| Lower admin cost | 89th |
| Employee saving | 59th |
| Peers that auto-enroll | 74% |
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Red flags from the filing
Benefits not paid when due: the plan reported failing to pay some benefits on time.
Corrective distributions: the plan refunded $25,487 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- First-Citizens Bank & Trust put in about $10,172 per active participant, more than the typical peer ($5,179). 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.
- 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 | $157,866,083 |
| Participant (employee) contributions | $154,337,360 |
| Other contributions (incl. rollovers in) | $74,946,896 |
| Administrative expenses paid from the plan | $566,432 |
| Contract administrator fees | $3,000 |
| Other admin expenses | $1 |
| Benefits paid out | $212,976,860 |
| Net assets, start / end of year | $2.2B / $2.7B |
| Active participants, start / end of year | 15,251 / 15,787 |
| Participants with account balances | 19,718 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Cherry Bekaert |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $566,431 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251003145006NAL0000864563001, received 2025-10-03, EIN 56-0223230, plan #003, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.