Israel Discount Bank of New York 401(k) Review & Grade
Israel Discount Bank of New York Savings and Investment Plan
New York, NYFinance & Insurance638 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$8,198Employer $ per active participant
$13,664Employee $ saved per active participant
0.13%Direct admin cost, % of plan assets
$165.6MNet plan assets, end of year
$188,204Average balance per account
Score breakdown
- Employer generosity44.2 / 5088th percentile for employer $ per participant
- Low cost16.9 / 2568th percentile for low admin cost vs. same-size plans
- Employee saving13.0 / 1587th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score71 / 100 · Grade B
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 88th |
| Lower admin cost | 68th |
| Employee saving | 87th |
| Peers that auto-enroll | 62% |
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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 $12,533 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Israel Discount Bank of New York put in about $8,198 per active participant, more than the typical peer ($3,606). 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 | $5,230,349 |
| Participant (employee) contributions | $8,717,316 |
| Other contributions (incl. rollovers in) | $2,712,942 |
| Administrative expenses paid from the plan | $199,538 |
| Investment advisory & management fees | $109,100 |
| Benefits paid out | $17,977,648 |
| Net assets, start / end of year | $147.6M / $165.6M |
| Active participants, start / end of year | 600 / 676 |
| Participants with account balances | 880 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Prager Metis Cpas LLC |
Largest service providers (Schedule C)
| Morgan Stanley Smith Barney LLC | $109,100 reported compensation |
| Fidelity Investments Institutional | $68,756 reported compensation |
| Prager Metis Cpas LLC | $21,882 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014114611NAL0005680514001, received 2025-10-14, EIN 13-5596781, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.