Hanmi Bank 401(k) Review & Grade
Hanmi Bank Profit Sharing & 401(k) Savings Plan
Los Angeles, CAFinance & Insurance581 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$5,561Employer $ per active participant
$11,530Employee $ saved per active participant
0.10%Direct admin cost, % of plan assets
$143.9MNet plan assets, end of year
$169,079Average balance per account
Score breakdown
- Employer generosity36.0 / 5072th percentile for employer $ per participant
- Low cost18.7 / 2575th percentile for low admin cost vs. same-size plans
- Employee saving12.1 / 1581th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score70 / 100 · Grade B
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 72th |
| Lower admin cost | 75th |
| Employee saving | 81th |
| Peers that auto-enroll | 62% |
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Red flags from the filing
No red flags were reported on this filing's compliance questions.
What to do if you're in this plan
- Hanmi Bank put in about $5,561 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 | $3,230,918 |
| Participant (employee) contributions | $6,699,171 |
| Other contributions (incl. rollovers in) | $1,009,920 |
| Administrative expenses paid from the plan | $126,476 |
| Investment advisory & management fees | $60,607 |
| Benefits paid out | $7,282,679 |
| Net assets, start / end of year | $119.0M / $143.9M |
| Active participants, start / end of year | 615 / 547 |
| Participants with account balances | 851 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Lavine Lofgren Morris & Engelber |
Largest service providers (Schedule C)
| Adp, Inc. | $65,869 reported compensation |
| Morgan Stanley Smith Barney | $49,107 reported compensation |
| Lavine, Lofgren, Morris & Engelberg | $11,500 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250801055014NAL0003593299001, received 2025-08-01, EIN 95-3689695, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.