Atlantic Union Bankshares Corporation 401(k) Review & Grade
Atlantic Union Bankshares Corporation 401(k) Profit Sharing Plan
Glen Allen, VAFinance & Insurance1,945 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$4,319Employer $ per active participant
$8,842Employee $ saved per active participant
0.21%Direct admin cost, % of plan assets
$300.7MNet plan assets, end of year
$90,105Average balance per account
Score breakdown
- Employer generosity30.0 / 5060th percentile for employer $ per participant
- Low cost13.2 / 2553th percentile for low admin cost vs. same-size plans
- Employee saving10.2 / 1568th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score60 / 100 · Grade B
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 60th |
| Lower admin cost | 53th |
| Employee saving | 68th |
| Peers that auto-enroll | 62% |
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Red flags from the filing
Corrective distributions: the plan refunded $13,173 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Atlantic Union Bankshares put in about $4,319 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 | $8,400,260 |
| Participant (employee) contributions | $17,198,504 |
| Other contributions (incl. rollovers in) | $5,462,865 |
| Administrative expenses paid from the plan | $598,708 |
| Investment advisory & management fees | $88,226 |
| Other admin expenses | $136,842 |
| Benefits paid out | $31,976,523 |
| Net assets, start / end of year | $271.1M / $300.7M |
| Active participants, start / end of year | 1,888 / 2,002 |
| Participants with account balances | 3,337 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Bdo USA, P.C. |
| Employer stock held by plan | $25,131,180 |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company O | $264,392 reported compensation |
| Mercer (US) Inc Mercer Investments | $77,864 reported compensation |
| Troutman Sanders Lockerman & Ashmor | $73,833 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20260722095223NAL0009319571001, received 2026-07-22, EIN 54-1598552, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.