Synovus Financial Corp. 401(k) Review & Grade
Synovus 401(k) Savings Plan
Columbus, GAManagement of Companies4,846 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$4,616Employer $ per active participant
$7,601Employee $ saved per active participant
0.05%Direct admin cost, % of plan assets
$855.8MNet plan assets, end of year
$135,684Average balance per account
Score breakdown
- Employer generosity34.7 / 5069th percentile for employer $ per participant
- Low cost20.2 / 2581th percentile for low admin cost vs. same-size plans
- Employee saving9.2 / 1561th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score64 / 100 · Grade B
This plan vs. peers
Peers: Management of Companies plans with 2,500–9,999 active participants (60 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 69th |
| Lower admin cost | 81th |
| Employee saving | 61th |
| Peers that auto-enroll | 58% |
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Red flags from the filing
Corrective distributions: the plan refunded $290 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Synovus Financial put in about $4,616 per active participant, more than the typical peer ($3,455). 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.
- 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 | $22,366,092 |
| Participant (employee) contributions | $36,832,864 |
| Other contributions (incl. rollovers in) | $6,502,845 |
| Administrative expenses paid from the plan | $371,214 |
| Other admin expenses | $63,552 |
| Benefits paid out | $105,165,139 |
| Net assets, start / end of year | $788.0M / $855.8M |
| Active participants, start / end of year | 4,904 / 4,787 |
| Participants with account balances | 6,307 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Robinson , Grimes & Company, PC |
| Employer stock held by plan | $1,168,166 |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $296,262 reported compensation |
| Robinson, Grimes & Co, PC | $11,400 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251007075123NAL0004294145001, received 2025-10-07, EIN 58-1134883, plan #010, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.