U.S. Bancorp 401(k) Review & Grade
U.S. Bank 401(k) Savings Plan
Minneapolis, MNFinance & Insurance70,384 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$3,617Employer $ per active participant
$8,197Employee $ saved per active participant
0.09%Direct admin cost, % of plan assets
$11.4BNet plan assets, end of year
$130,345Average balance per account
Score breakdown
- Employer generosity12.7 / 5025th percentile for employer $ per participant
- Low cost12.1 / 2549th 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 score37 / 100 · Grade D
This plan vs. peers
Peers: Finance & Insurance plans with 10,000+ active participants (72 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 25th |
| Lower admin cost | 49th |
| Employee saving | 35th |
| Peers that auto-enroll | 74% |
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Red flags from the filing
Corrective distributions: the plan refunded $116,595 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- U.S. Bancorp put in about $3,617 per active participant, below the typical peer ($5,179). 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.
- 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 | $254,567,828 |
| Participant (employee) contributions | $576,925,036 |
| Other contributions (incl. rollovers in) | $52,193,481 |
| Administrative expenses paid from the plan | $9,820,237 |
| Investment advisory & management fees | $7,230,816 |
| Benefits paid out | $1,126,871,817 |
| Net assets, start / end of year | $10.3B / $11.4B |
| Active participants, start / end of year | 73,109 / 67,658 |
| Participants with account balances | 87,776 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Ernst & Young |
| Employer stock held by plan | $751,967,667 |
Largest service providers (Schedule C)
| Alight Financial Advisors, LLC | $5,940,103 reported compensation |
| Alight Solutions LLC | $2,358,875 reported compensation |
| Galliard Capital Management, LLC | $527,749 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014102030NAL0002608113001, received 2025-10-14, EIN 41-0255900, plan #004, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.