Bank of Hope 401(k) Review & Grade
Bank of Hope 401(k) Retirement Plan
Los Angeles, CAFinance & Insurance1,232 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$4,913Employer $ per active participant
$10,614Employee $ saved per active participant
0.09%Direct admin cost, % of plan assets
$252.5MNet plan assets, end of year
$141,200Average balance per account
Score breakdown
- Employer generosity32.8 / 5066th percentile for employer $ per participant
- Low cost18.9 / 2575th percentile for low admin cost vs. same-size plans
- Employee saving11.7 / 1578th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score63 / 100 · Grade B
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 66th |
| Lower admin cost | 75th |
| Employee saving | 78th |
| Peers that auto-enroll | 62% |
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Red flags from the filing
Corrective distributions: the plan refunded $1,703 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Bank of Hope put in about $4,913 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.
- 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 | $6,055,513 |
| Participant (employee) contributions | $13,081,660 |
| Other contributions (incl. rollovers in) | $2,270,631 |
| Administrative expenses paid from the plan | $221,343 |
| Investment advisory & management fees | $50,000 |
| Benefits paid out | $22,255,164 |
| Net assets, start / end of year | $218.5M / $252.5M |
| Active participants, start / end of year | 1,252 / 1,213 |
| Participants with account balances | 1,788 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Vasquez & Company LLP |
Largest service providers (Schedule C)
| Transamerica Retirement Solutions | $150,973 reported compensation |
| Raymond James Financial Services | $50,000 reported compensation |
| Vasquez & Company, LLP | $20,370 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015110218NAL0002183795002, received 2025-10-15, EIN 95-3972168, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.