Proassurance Group Savings and Retirement Plan 401(k) Review & Grade
Proassurance Group Savings and Retirement Plan
Finance & Insurance1,069 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$5,475Employer $ per active participant
$9,765Employee $ saved per active participant
0.08%Direct admin cost, % of plan assets
$370.6MNet plan assets, end of year
$259,519Average balance per account
Score breakdown
- Employer generosity35.5 / 5071th percentile for employer $ per participant
- Low cost19.9 / 2580th percentile for low admin cost vs. same-size plans
- Employee saving11.2 / 1574th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score77 / 100 · Grade A
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 71th |
| Lower admin cost | 80th |
| Employee saving | 74th |
| 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
- Proassurance Group Savings and Retirement Plan put in about $5,475 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.
- 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 | $5,853,283 |
| Participant (employee) contributions | $10,438,663 |
| Other contributions (incl. rollovers in) | $1,960,067 |
| Administrative expenses paid from the plan | $281,175 |
| Contract administrator fees | $207,264 |
| Investment advisory & management fees | $72,912 |
| Other admin expenses | $999 |
| Benefits paid out | $46,130,876 |
| Net assets, start / end of year | $352.4M / $370.6M |
| Active participants, start / end of year | 1,101 / 1,037 |
| Participants with account balances | 1,428 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Coker and Company LLC |
| Employer stock held by plan | $270,250 |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $208,185 reported compensation |
| Merrill Lynch Pierce Fenner & Smith | $74,000 reported compensation |
| Coker and Company LLC | $15,000 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250827135010NAL0016604336001, received 2025-08-27, EIN 63-1285505, plan #003, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.