Greensky LLC 401(k) Review & Grade
Greensky Trade Credit, LLC 401(k) Plan
Atlanta, GAProfessional, Scientific & Technical Services633 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$6,396Employer $ per active participant
$8,013Employee $ saved per active participant
0.42%Direct admin cost, % of plan assets
$47.7MNet plan assets, end of year
$44,609Average balance per account
Score breakdown
- Employer generosity40.6 / 5081th percentile for employer $ per participant
- Low cost7.2 / 2529th percentile for low admin cost vs. same-size plans
- Employee saving6.2 / 1542th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score61 / 100 · Grade B
This plan vs. peers
Peers: Professional, Scientific & Technical Services plans with 500–2,499 active participants (1,469 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 81th |
| Lower admin cost | 29th |
| Employee saving | 42th |
| Peers that auto-enroll | 48% |
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Red flags from the filing
Corrective distributions: the plan refunded $1,173 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Greensky put in about $6,396 per active participant, more than the typical peer ($3,082). 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.
- Direct plan expenses (0.42% of assets) are well above similar-size plans (0.23%). 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 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 | $4,048,553 |
| Participant (employee) contributions | $5,072,420 |
| Other contributions (incl. rollovers in) | $30,374,962 |
| Administrative expenses paid from the plan | $121,057 |
| Contract administrator fees | $300 |
| Benefits paid out | $5,393,527 |
| Net assets, start / end of year | $10.0M / $47.7M |
| Active participants, start / end of year | 295 / 971 |
| Participants with account balances | 1,069 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Frazier & Deeter, LLC |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $85,649 reported compensation |
| Creative Planning Holdco, LLC | $35,408 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015152054NAL0002540339001, received 2025-10-15, EIN 20-4797123, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.