Gilbane Inc. 401(k) Review & Grade
Gilbane 401(k) & Retirement Plan
Providence, RIConstruction3,498 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$9,009Employer $ per active participant
$11,658Employee $ saved per active participant
0.06%Direct admin cost, % of plan assets
$1.0BNet plan assets, end of year
$202,768Average balance per account
Score breakdown
- Employer generosity46.7 / 5093th percentile for employer $ per participant
- Low cost18.4 / 2573th percentile for low admin cost vs. same-size plans
- Employee saving14.0 / 1593th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score76 / 100 · Grade A
This plan vs. peers
Peers: Construction plans with 2,500–9,999 active participants (76 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 93th |
| Lower admin cost | 73th |
| Employee saving | 93th |
| Peers that auto-enroll | 57% |
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Red flags from the filing
Benefits not paid when due: the plan reported failing to pay some benefits on time.
Corrective distributions: the plan refunded $103,002 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Gilbane put in about $9,009 per active participant, more than the typical peer ($1,965). 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 | $31,518,850 |
| Participant (employee) contributions | $40,785,046 |
| Other contributions (incl. rollovers in) | $14,405,108 |
| Administrative expenses paid from the plan | $568,225 |
| Contract administrator fees | $1,800 |
| Investment advisory & management fees | $399,724 |
| Other admin expenses | $109,642 |
| Benefits paid out | $111,679,516 |
| Net assets, start / end of year | $906.3M / $1.0B |
| Active participants, start / end of year | 3,405 / 3,592 |
| Participants with account balances | 4,935 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Kahn, Litwin, Renza & Co., LTD. |
Largest service providers (Schedule C)
| Strategic Advisors, Inc. | $370,256 reported compensation |
| Gyl Financial Synergies, LLC | $100,000 reported compensation |
| Locke Lord | $48,226 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250811090659NAL0006492563001, received 2025-08-11, EIN 05-0147010, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.