First Busey Corporation 401(k) Review & Grade
First Busey Corporation Profit Sharing Plan and Trust
Champaign, ILFinance & Insurance1,509 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$5,014Employer $ per active participant
$5,942Employee $ saved per active participant
0.15%Direct admin cost, % of plan assets
$268.2MNet plan assets, end of year
$145,504Average balance per account
Score breakdown
- Employer generosity33.2 / 5066th percentile for employer $ per participant
- Low cost15.7 / 2563th percentile for low admin cost vs. same-size plans
- Employee saving5.1 / 1534th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score44 / 100 · Grade D
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 | 63th |
| Employee saving | 34th |
| Peers that auto-enroll | 62% |
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Red flags from the filing
Late deposits: the filing says some employee contributions were not sent to the plan on time ($9,417 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $5,285 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- First Busey put in about $5,014 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 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 | $7,566,736 |
| Participant (employee) contributions | $8,966,677 |
| Other contributions (incl. rollovers in) | $6,469,845 |
| Administrative expenses paid from the plan | $389,827 |
| Investment advisory & management fees | $19,287 |
| Benefits paid out | $32,834,004 |
| Net assets, start / end of year | $247.6M / $268.2M |
| Active participants, start / end of year | 1,497 / 1,521 |
| Participants with account balances | 1,843 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Fgmk, LLC |
| Employer stock held by plan | $9,423,721 |
Largest service providers (Schedule C)
| Epic Retirement Plan Services | $370,541 reported compensation |
| Charles Schwab Trust Bank | $31,364 reported compensation |
| Benefit Planning Consultants | $10,015 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250718131411NAL0000927987002, received 2025-07-18, EIN 37-1078406, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.