Seneca Gaming Corporation 401(k) Review & Grade
Seneca Gaming Corporation 401(k) Plan
Niagara Falls, NYArts, Entertainment & Recreation3,864 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$567Employer $ per active participant
$2,363Employee $ saved per active participant
0.21%Direct admin cost, % of plan assets
$123.2MNet plan assets, end of year
$32,849Average balance per account
Score breakdown
- Employer generosity8.8 / 5018th percentile for employer $ per participant
- Low cost8.0 / 2532th percentile for low admin cost vs. same-size plans
- Employee saving5.3 / 1535th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score29 / 100 · Grade F
This plan vs. peers
Peers: Arts, Entertainment & Recreation plans with 2,500–9,999 active participants (35 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 18th |
| Lower admin cost | 32th |
| Employee saving | 35th |
| Peers that auto-enroll | 43% |
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Red flags from the filing
Corrective distributions: the plan refunded $41,849 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Seneca Gaming put in about $567 per active participant, below the typical peer ($1,107). 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 (0.21% of assets) are well above similar-size plans (0.12%). 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 | $2,190,020 |
| Participant (employee) contributions | $9,131,635 |
| Other contributions (incl. rollovers in) | $537,678 |
| Administrative expenses paid from the plan | $247,997 |
| Contract administrator fees | $247,997 |
| Benefits paid out | $10,847,247 |
| Net assets, start / end of year | $108.3M / $123.2M |
| Active participants, start / end of year | 3,640 / 4,088 |
| Participants with account balances | 3,751 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Tronconi Segarra & Associates LLP |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $247,996 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251013115723NAL0002757602001, received 2025-10-13, EIN 54-2122988, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.