Milbank LLP 401(k) Review & Grade
Milbank Retirement Savings Plan
New York, NYProfessional, Scientific & Technical Services1,030 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$9,654Employer $ per active participant
$16,676Employee $ saved per active participant
0.01%Direct admin cost, % of plan assets
$521.4MNet plan assets, end of year
$292,591Average balance per account
Score breakdown
- Employer generosity45.2 / 5090th percentile for employer $ per participant
- Low cost24.5 / 2598th percentile for low admin cost vs. same-size plans
- Employee saving14.1 / 1594th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score81 / 100 · Grade A
This plan vs. peers
Peers: Professional, Scientific & Technical Services plans with 500–2,499 active participants (1,469 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 90th |
| Lower admin cost | 98th |
| Employee saving | 94th |
| Peers that auto-enroll | 48% |
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Red flags from the filing
Late deposits: the filing says some employee contributions were not sent to the plan on time ($325 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $7,687 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Milbank LLP put in about $9,654 per active participant, more than the typical peer ($3,082). 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.
- The plan reported late deposits of employee contributions. Compare your pay stubs with your account statements, and contact the plan administrator if money shows up late.
- 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 | $9,943,365 |
| Participant (employee) contributions | $17,176,062 |
| Other contributions (incl. rollovers in) | $1,703,260 |
| Administrative expenses paid from the plan | $47,062 |
| Investment advisory & management fees | $19,223 |
| Benefits paid out | $50,247,359 |
| Net assets, start / end of year | $475.6M / $521.4M |
| Active participants, start / end of year | 999 / 1,061 |
| Participants with account balances | 1,782 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Eisneramper LLP |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $28,104 reported compensation |
| Strategic Advisors, Inc. | $19,223 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251008112613NAL0009648832001, received 2025-10-08, EIN 13-5533689, plan #003, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.