Woodforest Financial Group, Inc. 401(k) Review & Grade
Woodforest Financial Group, Inc. Employee Stock Ownership Plan
The Woodlands, TXManagement of Companies4,439 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$997Employer $ per active participant
$3,373Employee $ saved per active participant
0.07%Direct admin cost, % of plan assets
$498.6MNet plan assets, end of year
$119,101Average balance per account
Score breakdown
- Employer generosity6.8 / 5014th percentile for employer $ per participant
- Low cost16.9 / 2567th percentile for low admin cost vs. same-size plans
- Employee saving2.0 / 1514th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score23 / 100 · Grade F
This plan vs. peers
Peers: Management of Companies plans with 2,500–9,999 active participants (60 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 14th |
| Lower admin cost | 67th |
| Employee saving | 14th |
| Peers that auto-enroll | 58% |
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
Late deposits: the filing says some employee contributions were not sent to the plan on time ($64 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $31,712 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Woodforest Financial Group put in about $997 per active participant, below the typical peer ($3,455). 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.
- 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 | $4,424,464 |
| Participant (employee) contributions | $14,970,713 |
| Other contributions (incl. rollovers in) | $1,910,719 |
| Administrative expenses paid from the plan | $362,971 |
| Contract administrator fees | $362,971 |
| Benefits paid out | $41,046,704 |
| Net assets, start / end of year | $505.5M / $498.6M |
| Active participants, start / end of year | 4,504 / 4,374 |
| Participants with account balances | 4,186 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Sikich CPA LLC |
| Employer stock held by plan | $348,572,408 |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $362,971 reported compensation |
| Wilshire Advisors LLC | $0 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251013150339NAL0000749747001, received 2025-10-13, EIN 76-0163373, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.