New York Central Mutual Fire Insurance Co. 401(k) Review & Grade
New York Central Mutual Fire Insurance Company 401k Retirement Savings Plan
Edmeston, NYFinance & Insurance913 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$220Employer $ per active participant
$6,332Employee $ saved per active participant
0.12%Direct admin cost, % of plan assets
$82.5MNet plan assets, end of year
$79,107Average balance per account
Score breakdown
- Employer generosity1.6 / 503th percentile for employer $ per participant
- Low cost17.6 / 2570th percentile for low admin cost vs. same-size plans
- Employee saving6.1 / 1540th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score35 / 100 · Grade D
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 3th |
| Lower admin cost | 70th |
| Employee saving | 40th |
| 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
- New York Central Mutual Fire Insurance put in about $220 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 | $200,945 |
| Participant (employee) contributions | $5,781,335 |
| Other contributions (incl. rollovers in) | $1,128,262 |
| Administrative expenses paid from the plan | $91,438 |
| Contract administrator fees | $91,438 |
| Benefits paid out | $8,795,620 |
| Net assets, start / end of year | $75.1M / $82.5M |
| Active participants, start / end of year | 883 / 943 |
| Participants with account balances | 1,043 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Lumsden & Mccormick, LLP |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $91,438 reported compensation |
| Northwestern Mutual Investment Serv | $7,256 reported compensation |
| Morningstar Investment Management L | $0 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250924133141NAL0003043731001, received 2025-09-24, EIN 15-0398170, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.