United Fire & Casualty Company 401(k) Review & Grade
United Fire Group 401(k) Plan
Cedar Rapids, IAFinance & Insurance860 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$4,091Employer $ per active participant
$11,670Employee $ saved per active participant
0.27%Direct admin cost, % of plan assets
$150.1MNet plan assets, end of year
$116,808Average balance per account
Score breakdown
- Employer generosity28.4 / 5057th percentile for employer $ per participant
- Low cost11.1 / 2544th percentile for low admin cost vs. same-size plans
- Employee saving12.2 / 1581th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-10 pts1 issue reported on the filing
Total score52 / 100 · Grade C
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 57th |
| Lower admin cost | 44th |
| Employee saving | 81th |
| 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 ($427,997 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
What to do if you're in this plan
- United Fire & Casualty put in about $4,091 per active participant, more than the typical peer ($3,606). 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.
- 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 | $3,518,341 |
| Participant (employee) contributions | $10,036,261 |
| Other contributions (incl. rollovers in) | $2,836,676 |
| Administrative expenses paid from the plan | $408,518 |
| Contract administrator fees | $408,283 |
| Other admin expenses | $235 |
| Benefits paid out | $36,420,537 |
| Net assets, start / end of year | $151.2M / $150.1M |
| Active participants, start / end of year | 854 / 866 |
| Participants with account balances | 1,285 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Forvis Mazars LLP |
| Employer stock held by plan | $3,881,675 |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $408,261 reported compensation |
| Commonwealth Financial Network | $112,962 reported compensation |
| Wilshire Advisors LLC | $0 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250630081649NAL0006508099001, received 2025-06-30, EIN 42-0644327, plan #004, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.