Greatamerica Financial Services Corporation 401(k) Review & Grade
Greatamerica Financial Services Corporation 401(k) Profit Sharing Plan
Cedar Rapids, IAReal Estate & Rental752 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$7,109Employer $ per active participant
$9,870Employee $ saved per active participant
0.09%Direct admin cost, % of plan assets
$178.6MNet plan assets, end of year
$202,023Average balance per account
Score breakdown
- Employer generosity48.3 / 5097th percentile for employer $ per participant
- Low cost19.2 / 2577th percentile for low admin cost vs. same-size plans
- Employee saving14.0 / 1593th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score89 / 100 · Grade A
This plan vs. peers
Peers: Real Estate & Rental plans with 500–2,499 active participants (291 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 97th |
| Lower admin cost | 77th |
| Employee saving | 93th |
| Peers that auto-enroll | 47% |
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Red flags from the filing
Corrective distributions: the plan refunded $24,190 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Greatamerica Financial Services put in about $7,109 per active participant, more than the typical peer ($1,279). 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 | $5,342,693 |
| Participant (employee) contributions | $7,416,975 |
| Other contributions (incl. rollovers in) | $1,401,099 |
| Administrative expenses paid from the plan | $147,694 |
| Other admin expenses | $51,250 |
| Benefits paid out | $13,683,479 |
| Net assets, start / end of year | $154.5M / $178.6M |
| Active participants, start / end of year | 752 / 751 |
| Participants with account balances | 884 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Cliftonlarsonallen LLP |
Largest service providers (Schedule C)
| Merrill Lynch, Pierce, Fenner and S | $79,691 reported compensation |
| Capital Strategies Investment Group | $51,250 reported compensation |
| Cliftonlarsonallen LLP | $16,753 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251013131733NAL0002055792001, received 2025-10-13, EIN 42-1425592, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.