Primis Bank 401(k) Review & Grade
Sba Defined Contribution Plan for Primis Bank
Glen Allen, VAManagement of Companies567 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$3,213Employer $ per active participant
$5,958Employee $ saved per active participant
0.65%Direct admin cost, % of plan assets
$44.4MNet plan assets, end of year
$64,270Average balance per account
Score breakdown
- Employer generosity28.9 / 5058th percentile for employer $ per participant
- Low cost3.7 / 2515th percentile for low admin cost vs. same-size plans
- Employee saving8.0 / 1553th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score48 / 100 · Grade C
This plan vs. peers
Peers: Management of Companies plans with 500–2,499 active participants (172 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 58th |
| Lower admin cost | 15th |
| Employee saving | 53th |
| Peers that auto-enroll | 58% |
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Red flags from the filing
Corrective distributions: the plan refunded $3,325 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Primis Bank put in about $3,213 per active participant, more than the typical peer ($2,492). 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.
- Direct plan expenses (0.65% 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 | $1,821,857 |
| Participant (employee) contributions | $3,378,313 |
| Other contributions (incl. rollovers in) | $784,970 |
| Administrative expenses paid from the plan | $263,900 |
| Contract administrator fees | $164,394 |
| Investment advisory & management fees | $97,288 |
| Other admin expenses | $2,218 |
| Benefits paid out | $2,447,344 |
| Net assets, start / end of year | $36.3M / $44.4M |
| Active participants, start / end of year | 541 / 593 |
| Participants with account balances | 691 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Wolf & Company, P.C. |
| Employer stock held by plan | $1,237,307 |
Largest service providers (Schedule C)
| Voya Retirement Insurance & Annuity | $167,986 reported compensation |
| Vba Benefits Corportation | $95,193 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250731090127NAL0002939539001, received 2025-07-31, EIN 20-2453966, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.