Live Oak Banking Company 401(k) Review & Grade
Live Oak Banking Company 401(k) Plan
Wilmington, NCFinance & Insurance996 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$6,912Employer $ per active participant
$9,639Employee $ saved per active participant
0.08%Direct admin cost, % of plan assets
$130.0MNet plan assets, end of year
$117,815Average balance per account
Score breakdown
- Employer generosity41.4 / 5083th percentile for employer $ per participant
- Low cost19.6 / 2578th percentile for low admin cost vs. same-size plans
- Employee saving11.0 / 1573th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score72 / 100 · Grade B
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 83th |
| Lower admin cost | 78th |
| Employee saving | 73th |
| Peers that auto-enroll | 62% |
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Red flags from the filing
Corrective distributions: the plan refunded $1,737 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Live Oak Banking put in about $6,912 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.
- 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 | $6,881,086 |
| Participant (employee) contributions | $9,595,374 |
| Other contributions (incl. rollovers in) | $1,422,846 |
| Administrative expenses paid from the plan | $96,814 |
| Investment advisory & management fees | $22,220 |
| Benefits paid out | $9,309,929 |
| Net assets, start / end of year | $104.0M / $130.0M |
| Active participants, start / end of year | 954 / 1,037 |
| Participants with account balances | 1,103 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | KPMG LLP |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $74,594 reported compensation |
| Strategic Advisors, Inc. | $22,220 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251016082224NAL0006089777001, received 2025-10-16, EIN 80-0182298, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.