Navy Federal Credit Union 401(k) Review & Grade
Navy Federal 401(k) Savings Plan
Merrifield, VAFinance & Insurance24,526 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$5,256Employer $ per active participant
$8,068Employee $ saved per active participant
0.04%Direct admin cost, % of plan assets
$3.2BNet plan assets, end of year
$114,103Average balance per account
Score breakdown
- Employer generosity25.4 / 5051th percentile for employer $ per participant
- Low cost19.5 / 2578th percentile for low admin cost vs. same-size plans
- Employee saving4.6 / 1531th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score57 / 100 · Grade C
This plan vs. peers
Peers: Finance & Insurance plans with 10,000+ active participants (72 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 51th |
| Lower admin cost | 78th |
| Employee saving | 31th |
| Peers that auto-enroll | 74% |
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Red flags from the filing
Corrective distributions: the plan refunded $25,790 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Navy Federal Credit Union put in about $5,256 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 | $128,894,180 |
| Participant (employee) contributions | $197,883,844 |
| Other contributions (incl. rollovers in) | $33,746,203 |
| Administrative expenses paid from the plan | $1,143,713 |
| Contract administrator fees | $5,400 |
| Other admin expenses | $144,026 |
| Benefits paid out | $156,621,135 |
| Net assets, start / end of year | $2.6B / $3.2B |
| Active participants, start / end of year | 24,276 / 24,775 |
| Participants with account balances | 28,098 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Pricewaterhousecoopers |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $999,687 reported compensation |
| Pricewaterhousecoopers | $60,082 reported compensation |
| Aon Hewitt Investment Consulting | $42,026 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250730132517NAL0006741040001, received 2025-07-30, EIN 53-0116705, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.