First Interstate Bancsystem, Inc. 401(k) Review & Grade
First Interstate Bancsystem, Inc. 401(k) Plan
Billings, MTFinance & Insurance3,504 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$3,692Employer $ per active participant
$6,022Employee $ saved per active participant
0.04%Direct admin cost, % of plan assets
$481.7MNet plan assets, end of year
$98,959Average balance per account
Score breakdown
- Employer generosity19.4 / 5039th percentile for employer $ per participant
- Low cost21.6 / 2586th percentile for low admin cost vs. same-size plans
- Employee saving3.0 / 1520th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-8 pts2 issues reported on the filing
Total score46 / 100 · Grade C
This plan vs. peers
Peers: Finance & Insurance plans with 2,500–9,999 active participants (199 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 39th |
| Lower admin cost | 86th |
| Employee saving | 20th |
| Peers that auto-enroll | 66% |
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Red flags from the filing
No fidelity bond: the plan reported it was not covered by a fidelity bond, which protects participants against theft.
Corrective distributions: the plan refunded $1,950 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- First Interstate Bancsystem put in about $3,692 per active participant, below the typical peer ($4,489). 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 | $12,937,091 |
| Participant (employee) contributions | $21,101,989 |
| Other contributions (incl. rollovers in) | $3,885,232 |
| Administrative expenses paid from the plan | $172,956 |
| Contract administrator fees | $1,200 |
| Investment advisory & management fees | $42,139 |
| Benefits paid out | $66,444,767 |
| Net assets, start / end of year | $453.6M / $481.7M |
| Active participants, start / end of year | 3,530 / 3,478 |
| Participants with account balances | 4,868 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Eide Bailly LLP |
| Employer stock held by plan | $8,200,550 |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $130,814 reported compensation |
| Strategic Advisors, Inc. | $42,139 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251010164544NAL0008032545001, received 2025-10-10, EIN 81-0331430, plan #003, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.