Firstgroup America, Inc. 401(k) Review & Grade
First Student, Inc. Retirement Savings Plan
Cincinnati, OHTransportation & Warehousing46,546 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$139Employer $ per active participant
$560Employee $ saved per active participant
0.30%Direct admin cost, % of plan assets
$328.2MNet plan assets, end of year
–Average balance per account (account count looks misreported)
Score breakdown
- Employer generosity3.3 / 507th percentile for employer $ per participant
- Low cost2.4 / 2510th percentile for low admin cost vs. same-size plans
- Employee saving1.0 / 157th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score0 / 100 · Grade F
This plan vs. peers
Peers: Transportation & Warehousing plans with 10,000+ active participants (46 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 7th |
| Lower admin cost | 10th |
| Employee saving | 7th |
| Peers that auto-enroll | 30% |
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Red flags from the filing
Late deposits: the filing says some employee contributions were not sent to the plan on time ($384,533 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $24,010 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Firstgroup America put in about $139 per active participant, below the typical peer ($1,415). 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.
- Direct plan expenses (0.30% of assets) are well above similar-size plans (0.09%). Check your annual fee disclosure, choose low-cost index funds if you can, and think about whether savings beyond the match belong in an IRA.
- The plan reported late deposits of employee contributions. Compare your pay stubs with your account statements, and contact the plan administrator if money shows up late.
- 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 | $6,463,562 |
| Participant (employee) contributions | $26,067,389 |
| Other contributions (incl. rollovers in) | $3,588,188 |
| Administrative expenses paid from the plan | $936,156 |
| Investment advisory & management fees | $62,371 |
| Other admin expenses | $85,189 |
| Benefits paid out | $50,996,356 |
| Net assets, start / end of year | $303.6M / $328.2M |
| Active participants, start / end of year | 43,376 / 49,717 |
| Participants with account balances | 11,465 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Plante & Moran, PLLC |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $124,454 reported compensation |
| Morris, Manning and Martin | $68,142 reported compensation |
| Cap Financial Partners, LLC | $60,750 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251013192931NAL0002639312001, received 2025-10-13, EIN 52-2205403, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.