Manufacturers and Traders Trust Co. 401(k) Review & Grade
M & T Bank Corporation Retirement Savings Plan
Buffalo, NYFinance & Insurance22,228 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$6,806Employer $ per active participant
$8,076Employee $ saved per active participant
0.05%Direct admin cost, % of plan assets
$5.2BNet plan assets, end of year
$168,843Average balance per account
Score breakdown
- Employer generosity32.4 / 5065th percentile for employer $ per participant
- Low cost18.5 / 2574th percentile for low admin cost vs. same-size plans
- Employee saving4.9 / 1532th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score66 / 100 · Grade B
This plan vs. peers
Peers: Finance & Insurance plans with 10,000+ active participants (72 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 65th |
| Lower admin cost | 74th |
| Employee saving | 32th |
| Peers that auto-enroll | 74% |
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Red flags from the filing
No red flags were reported on this filing's compliance questions.
What to do if you're in this plan
- Manufacturers and Traders Trust put in about $6,806 per active participant, more than the typical peer ($5,179). 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 | $151,294,567 |
| Participant (employee) contributions | $179,518,560 |
| Other contributions (incl. rollovers in) | $25,190,252 |
| Administrative expenses paid from the plan | $2,266,299 |
| Investment advisory & management fees | $15,465 |
| Other admin expenses | $88,792 |
| Benefits paid out | $490,941,619 |
| Net assets, start / end of year | $4.6B / $5.2B |
| Active participants, start / end of year | 22,161 / 22,296 |
| Participants with account balances | 30,785 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Pricewaterhousecoopers LLP |
| Employer stock held by plan | $441,098,527 |
Largest service providers (Schedule C)
| T Rowe Price RPS Inc | $1,158,706 reported compensation |
| Towers Watson | $92,558 reported compensation |
| Pricewaterhousecoopers LLP | $60,625 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250714122743NAL0000863027001, received 2025-07-14, EIN 16-0538020, plan #004, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.