Mechanics Bank 401(k) Review & Grade
Mechanics Bank Profit Sharing/401(k) Plan
Walnut Creek, CAFinance & Insurance1,522 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$2,290Employer $ per active participant
$7,434Employee $ saved per active participant
0.06%Direct admin cost, % of plan assets
$214.6MNet plan assets, end of year
$98,852Average balance per account
Score breakdown
- Employer generosity12.9 / 5026th percentile for employer $ per participant
- Low cost20.9 / 2584th percentile for low admin cost vs. same-size plans
- Employee saving8.2 / 1554th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score52 / 100 · Grade C
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 26th |
| Lower admin cost | 84th |
| Employee saving | 54th |
| Peers that auto-enroll | 62% |
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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
- Mechanics Bank put in about $2,290 per active participant, below the typical peer ($3,606). Any match is still an instant return, so contribute enough to get all of it.
- 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 | $3,486,259 |
| Participant (employee) contributions | $11,317,516 |
| Other contributions (incl. rollovers in) | $7,126,482 |
| Administrative expenses paid from the plan | $128,053 |
| Investment advisory & management fees | $16,854 |
| Benefits paid out | $25,852,171 |
| Net assets, start / end of year | $193.5M / $214.6M |
| Active participants, start / end of year | 1,561 / 1,484 |
| Participants with account balances | 2,171 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Crowe LLP |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $111,527 reported compensation |
| Strategic Advisors, Inc. | $16,854 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251007191136NAL0005185905001, received 2025-10-07, EIN 94-0672780, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.