American Family Mutual Insurance Company, S.i. 401(k) Review & Grade
American Family 401(k) Plan
Madison, WIFinance & Insurance11,862 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$3,633Employer $ per active participant
$8,679Employee $ saved per active participant
0.06%Direct admin cost, % of plan assets
$2.2BNet plan assets, end of year
$134,486Average balance per account
Score breakdown
- Employer generosity13.4 / 5027th percentile for employer $ per participant
- Low cost16.9 / 2568th percentile for low admin cost vs. same-size plans
- Employee saving7.0 / 1546th percentile for employee $ per participant
- Plan features7 / 10Auto-enrollment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score41 / 100 · Grade D
This plan vs. peers
Peers: Finance & Insurance plans with 10,000+ active participants (72 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 27th |
| Lower admin cost | 68th |
| Employee saving | 46th |
| Peers that auto-enroll | 74% |
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Red flags from the filing
Corrective distributions: the plan refunded $14,850 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- American Family Mutual Insurance Company, S.i. put in about $3,633 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 | $43,090,415 |
| Participant (employee) contributions | $102,944,426 |
| Other contributions (incl. rollovers in) | $12,770,951 |
| Administrative expenses paid from the plan | $1,160,894 |
| Investment advisory & management fees | $935,517 |
| Other admin expenses | $5,400 |
| Benefits paid out | $241,206,207 |
| Net assets, start / end of year | $2.0B / $2.2B |
| Active participants, start / end of year | 12,720 / 11,004 |
| Participants with account balances | 16,303 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Bdo USA, P.C. |
Largest service providers (Schedule C)
| Empower Advisory Group, LLC | $1,046,099 reported compensation |
| Empower Annuity Insurance Company O | $219,977 reported compensation |
| Qdro Consultants | $5,400 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250925124514NAL0009756976001, received 2025-09-25, EIN 39-0273710, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.