Tiaa, FSB to Be Known As Everbank, N.A. 401(k) Review & Grade
Everbank, N.A. 401(k) Plan
Jacksonville, FLFinance & Insurance1,556 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$3,260Employer $ per active participant
$8,453Employee $ saved per active participant
0.79%Direct admin cost, % of plan assets
$42.9MNet plan assets, end of year
$26,576Average balance per account
Score breakdown
- Employer generosity22.0 / 5044th percentile for employer $ per participant
- Low cost2.6 / 2510th percentile for low admin cost vs. same-size plans
- Employee saving9.9 / 1566th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score32 / 100 · Grade D
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 44th |
| Lower admin cost | 10th |
| Employee saving | 66th |
| Peers that auto-enroll | 62% |
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Red flags from the filing
Late deposits: the filing says some employee contributions were not sent to the plan on time ($53 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $2,263 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Tiaa, FSB to Be Known As Everbank put in about $3,260 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 (0.79% 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.
- The plan reported late deposits of employee contributions. Compare your pay stubs with your account statements, and contact the plan administrator if money shows up late.
- 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 | $5,071,073 |
| Participant (employee) contributions | $13,148,091 |
| Other contributions (incl. rollovers in) | $7,218,252 |
| Administrative expenses paid from the plan | $235,605 |
| Investment advisory & management fees | $135,810 |
| Other admin expenses | $200 |
| Benefits paid out | $2,277,884 |
| Net assets, start / end of year | $16.7M / $42.9M |
| Active participants, start / end of year | 1,535 / 1,576 |
| Participants with account balances | 1,613 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Cliftonlarsonallen LLP |
Largest service providers (Schedule C)
| Mercer Investments, LLC | $110,462 reported compensation |
| Empower Annuity Insurance Company O | $99,595 reported compensation |
| Empower Advisory Group, LLC | $25,348 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250922093206NAL0005847552001, received 2025-09-22, EIN 59-3531592, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.