Midwestone Financial Group, Inc. 401(k) Review & Grade
Midwestone Financial Group, Inc. 401(k) Plan
Iowa City, IAFinance & Insurance768 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$3,509Employer $ per active participant
$6,442Employee $ saved per active participant
0.04%Direct admin cost, % of plan assets
$100.1MNet plan assets, end of year
$100,473Average balance per account
Score breakdown
- Employer generosity24.4 / 5049th percentile for employer $ per participant
- Low cost22.3 / 2589th percentile for low admin cost vs. same-size plans
- Employee saving6.2 / 1541th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score56 / 100 · Grade C
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 49th |
| Lower admin cost | 89th |
| Employee saving | 41th |
| 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
- Midwestone Financial Group put in about $3,509 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.
- 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 | $2,693,176 |
| Participant (employee) contributions | $4,944,431 |
| Other contributions (incl. rollovers in) | $3,001,837 |
| Administrative expenses paid from the plan | $41,194 |
| Investment advisory & management fees | $1,829 |
| Benefits paid out | $12,330,690 |
| Net assets, start / end of year | $89.8M / $100.1M |
| Active participants, start / end of year | 757 / 778 |
| Participants with account balances | 996 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Eide Bailly |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $38,384 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250911154752NAL0000329027001, received 2025-09-11, EIN 42-1206172, plan #006, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.