Pathward, National Association 401(k) Review & Grade
Pathward, National Association 401(k) Plan
Sioux Falls, SDFinance & Insurance1,197 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$6,478Employer $ per active participant
$10,060Employee $ saved per active participant
0.18%Direct admin cost, % of plan assets
$173.7MNet plan assets, end of year
$119,275Average balance per account
Score breakdown
- Employer generosity39.8 / 5080th percentile for employer $ per participant
- Low cost14.2 / 2557th percentile for low admin cost vs. same-size plans
- Employee saving11.3 / 1576th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score62 / 100 · Grade B
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 80th |
| Lower admin cost | 57th |
| Employee saving | 76th |
| Peers that auto-enroll | 62% |
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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 ($4,611 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $9,398 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Pathward, National Association put in about $6,478 per active participant, more than the typical peer ($3,606). 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 | $7,753,976 |
| Participant (employee) contributions | $12,042,077 |
| Other contributions (incl. rollovers in) | $4,117,740 |
| Administrative expenses paid from the plan | $298,748 |
| Contract administrator fees | $298,748 |
| Benefits paid out | $20,842,617 |
| Net assets, start / end of year | $150.9M / $173.7M |
| Active participants, start / end of year | 1,241 / 1,153 |
| Participants with account balances | 1,456 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Crowe LLP |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $298,747 reported compensation |
| Raymond James & Associates, Inc. | $126,892 reported compensation |
| Wilshire Advisors LLC | $0 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20260421091619NAL0001273795001, received 2026-04-21, EIN 42-0747941, plan #001, plan year 2024-10-01 to 2025-09-30. Verify at efast.dol.gov.