Genworth Financial, Inc 401(k) Review & Grade
Genworth Financial Inc. Retirement and Savings Plan
Glen Allen, VAFinance & Insurance2,693 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$9,091Employer $ per active participant
$10,727Employee $ saved per active participant
0.06%Direct admin cost, % of plan assets
$955.5MNet plan assets, end of year
$215,873Average balance per account
Score breakdown
- Employer generosity42.7 / 5085th percentile for employer $ per participant
- Low cost18.8 / 2575th percentile for low admin cost vs. same-size plans
- Employee saving10.9 / 1573th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score79 / 100 · Grade A
This plan vs. peers
Peers: Finance & Insurance plans with 2,500–9,999 active participants (199 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 85th |
| Lower admin cost | 75th |
| Employee saving | 73th |
| Peers that auto-enroll | 66% |
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Red flags from the filing
Corrective distributions: the plan refunded $153 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Genworth Financial put in about $9,091 per active participant, more than the typical peer ($4,489). 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 | $24,481,601 |
| Participant (employee) contributions | $28,887,016 |
| Other contributions (incl. rollovers in) | $3,460,541 |
| Administrative expenses paid from the plan | $504,741 |
| Investment advisory & management fees | $504,741 |
| Benefits paid out | $66,478,471 |
| Net assets, start / end of year | $847.2M / $955.5M |
| Active participants, start / end of year | 2,584 / 2,802 |
| Participants with account balances | 4,426 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | KPMG LLP |
| Employer stock held by plan | $7,991,695 |
Largest service providers (Schedule C)
| Blackrock Instl Trust Company NA | $317,738 reported compensation |
| Alight Financial Advisors, LLC | $187,003 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250623151013NAL0009317264001, received 2025-06-23, EIN 80-0873306, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.