New York Independent System Operator, Inc. 401(k) Review & Grade
New York Independent System, Inc. 401(k) Retirement Plan
Rensselaer, NYUtilities616 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$14,636Employer $ per active participant
$14,963Employee $ saved per active participant
0.02%Direct admin cost, % of plan assets
$321.5MNet plan assets, end of year
$394,908Average balance per account
Score breakdown
- Employer generosity48.6 / 5097th percentile for employer $ per participant
- Low cost23.8 / 2595th percentile for low admin cost vs. same-size plans
- Employee saving12.6 / 1584th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score95 / 100 · Grade A
This plan vs. peers
Peers: Utilities plans with 500–2,499 active participants (75 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 97th |
| Lower admin cost | 95th |
| Employee saving | 84th |
| Peers that auto-enroll | 76% |
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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 Independent System Operator put in about $14,636 per active participant, more than the typical peer ($6,264). 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 | $9,023,175 |
| Participant (employee) contributions | $9,224,552 |
| Other contributions (incl. rollovers in) | $441,944 |
| Administrative expenses paid from the plan | $62,920 |
| Benefits paid out | $28,645,345 |
| Net assets, start / end of year | $284.6M / $321.5M |
| Active participants, start / end of year | 605 / 628 |
| Participants with account balances | 814 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Bst&co.cpas,llp |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company | $62,918 reported compensation |
| Empower Financial Services, Inc. | $600 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250923132129NAL0007362944001, received 2025-09-23, EIN 14-1815612, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.