NBT Bancorp Inc. 401(k) Review & Grade
NBT Bancorp Inc. 401(k) & Employee Stock Ownership Plan
Norwich, NYFinance & Insurance2,030 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$3,492Employer $ per active participant
$6,794Employee $ saved per active participant
0.01%Direct admin cost, % of plan assets
$366.4MNet plan assets, end of year
$143,422Average balance per account
Score breakdown
- Employer generosity24.0 / 5048th percentile for employer $ per participant
- Low cost24.6 / 2598th percentile for low admin cost vs. same-size plans
- Employee saving7.0 / 1547th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score63 / 100 · Grade B
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 48th |
| Lower admin cost | 98th |
| Employee saving | 47th |
| Peers that auto-enroll | 62% |
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Red flags from the filing
Corrective distributions: the plan refunded $3,559 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- NBT Bancorp put in about $3,492 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 | $7,088,166 |
| Participant (employee) contributions | $13,792,131 |
| Other contributions (incl. rollovers in) | $4,957,880 |
| Administrative expenses paid from the plan | $25,806 |
| Benefits paid out | $26,955,468 |
| Net assets, start / end of year | $320.8M / $366.4M |
| Active participants, start / end of year | 2,014 / 2,046 |
| Participants with account balances | 2,555 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Bonadio & Co., LLP |
| Employer stock held by plan | $35,226,305 |
Largest service providers (Schedule C)
| Charles Schwab Trust Bank | $72,074 reported compensation |
| Epic Retirement Plan Services | $25,806 reported compensation |
| Charles Schwab & Co., Inc. | $12,805 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250627132035NAL0009818257001, received 2025-06-27, EIN 16-1268674, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.