Peoples First Properties, Inc. 401(k) Review & Grade
Peoples First Properties Retirement Savings Plan
Panama City, FLManagement of Companies902 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$2,275Employer $ per active participant
$2,247Employee $ saved per active participant
0.64%Direct admin cost, % of plan assets
$21.1MNet plan assets, end of year
$25,369Average balance per account
Score breakdown
- Employer generosity22.5 / 5045th percentile for employer $ per participant
- Low cost3.9 / 2516th percentile for low admin cost vs. same-size plans
- Employee saving2.5 / 1516th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score26 / 100 · Grade F
This plan vs. peers
Peers: Management of Companies plans with 500–2,499 active participants (172 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 45th |
| Lower admin cost | 16th |
| Employee saving | 16th |
| Peers that auto-enroll | 58% |
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Red flags from the filing
Auditor concern: the independent auditor gave a qualified or adverse opinion.
Corrective distributions: the plan refunded $3,277 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Peoples First Properties put in about $2,275 per active participant, below the typical peer ($2,492). 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.
- Direct plan expenses (0.64% of assets) are well above similar-size plans (0.23%). Check your annual fee disclosure, choose low-cost index funds if you can, and think about whether savings beyond the match belong in an IRA.
- 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 | $2,052,999 |
| Participant (employee) contributions | $2,028,122 |
| Other contributions (incl. rollovers in) | $10,386 |
| Administrative expenses paid from the plan | $124,311 |
| Contract administrator fees | $94,268 |
| Investment advisory & management fees | $30,043 |
| Benefits paid out | $2,656,021 |
| Net assets, start / end of year | $18.1M / $21.1M |
| Active participants, start / end of year | 921 / 884 |
| Participants with account balances | 831 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Tarwater & Company, PSC |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $94,268 reported compensation |
| Merrill Lynch Pierce Fenner & Smith | $30,080 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250825105601NAL0007779473001, received 2025-08-25, EIN 59-3020789, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.