Smartbank 401(k) Review & Grade
Smartbank 401(k) Retirement Plan
Knoxville, TNFinance & Insurance597 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$3,111Employer $ per active participant
$6,164Employee $ saved per active participant
0.37%Direct admin cost, % of plan assets
$57.3MNet plan assets, end of year
$81,469Average balance per account
Score breakdown
- Employer generosity20.5 / 5041th percentile for employer $ per participant
- Low cost8.2 / 2533th percentile for low admin cost vs. same-size plans
- Employee saving5.6 / 1537th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score37 / 100 · Grade D
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 41th |
| Lower admin cost | 33th |
| Employee saving | 37th |
| 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
- Smartbank put in about $3,111 per active participant, below the typical peer ($3,606). 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 (0.37% 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.
- 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 | $1,857,558 |
| Participant (employee) contributions | $3,679,673 |
| Other contributions (incl. rollovers in) | $606,075 |
| Administrative expenses paid from the plan | $197,696 |
| Contract administrator fees | $40,764 |
| Benefits paid out | $3,457,943 |
| Net assets, start / end of year | $48.4M / $57.3M |
| Active participants, start / end of year | 587 / 607 |
| Participants with account balances | 703 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Pya, P.C. |
Largest service providers (Schedule C)
| The Trust Company of Tennessee Inc | $197,696 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014074226NAL0001082755001, received 2025-10-14, EIN 20-4091629, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.