Federal National Mortgage Association 401(k) Review & Grade
Federal National Mortgage Association Retirement Savings Plan for Employees
Washington, DCFinance & Insurance8,148 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$14,380Employer $ per active participant
$17,332Employee $ saved per active participant
0.04%Direct admin cost, % of plan assets
$4.6BNet plan assets, end of year
$383,753Average balance per account
Score breakdown
- Employer generosity48.2 / 5096th percentile for employer $ per participant
- Low cost21.9 / 2588th percentile for low admin cost vs. same-size plans
- Employee saving14.5 / 1597th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score92 / 100 · Grade A
This plan vs. peers
Peers: Finance & Insurance plans with 2,500–9,999 active participants (199 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 96th |
| Lower admin cost | 88th |
| Employee saving | 97th |
| Peers that auto-enroll | 66% |
Red flags from the filing
Corrective distributions: the plan refunded $21,207 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Federal National Mortgage Association put in about $14,380 per active participant, more than the typical peer ($4,489). 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 | $117,162,444 |
| Participant (employee) contributions | $141,209,878 |
| Other contributions (incl. rollovers in) | $14,250,379 |
| Administrative expenses paid from the plan | $1,496,706 |
| Contract administrator fees | $900 |
| Investment advisory & management fees | $1,544,816 |
| Other admin expenses | $11,856 |
| Benefits paid out | $229,538,549 |
| Net assets, start / end of year | $3.9B / $4.6B |
| Active participants, start / end of year | 8,108 / 8,187 |
| Participants with account balances | 11,993 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Cohnreznick LLP |
Largest service providers (Schedule C)
| Strategic Advisors, Inc. | $1,544,816 reported compensation |
| Fidelity Investments Institutional | −$59,966 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251007092002NAL0002339267001, received 2025-10-07, EIN 52-0883107, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.
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