Utica Mutual Insurance Company 401(k) Review & Grade
Utica Mutual Insurance Company Employee Profit Sharing and Investment Plan
New Hartford, NYFinance & Insurance1,398 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$6,474Employer $ per active participant
$8,958Employee $ saved per active participant
0.10%Direct admin cost, % of plan assets
$347.8MNet plan assets, end of year
$176,086Average balance per account
Score breakdown
- Employer generosity39.7 / 5079th percentile for employer $ per participant
- Low cost18.4 / 2574th percentile for low admin cost vs. same-size plans
- Employee saving10.3 / 1569th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score75 / 100 · Grade A
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 79th |
| Lower admin cost | 74th |
| Employee saving | 69th |
| Peers that auto-enroll | 62% |
Get the monthly 401(k) report card
The best and worst plans, new grades as filings post. One email a month, no spam.
Red flags from the filing
Corrective distributions: the plan refunded $4 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Utica Mutual Insurance put in about $6,474 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.
- 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 | $9,054,044 |
| Participant (employee) contributions | $12,528,302 |
| Other contributions (incl. rollovers in) | $2,295,571 |
| Administrative expenses paid from the plan | $339,760 |
| Other admin expenses | $339,760 |
| Benefits paid out | $33,910,809 |
| Net assets, start / end of year | $320.7M / $347.8M |
| Active participants, start / end of year | 1,407 / 1,390 |
| Participants with account balances | 1,975 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Grant Thornton |
Largest service providers (Schedule C)
| Vanguard Advisers Inc. | $141,731 reported compensation |
| The Vanguard Group, Inc. | $132,320 reported compensation |
| Captrust | $46,500 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014094056NAL0005275730001, received 2025-10-14, EIN 15-0476880, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.