Kearny Bank 401(k) Review & Grade
Kearny Bank Employees' Savings Plan
Fairfield, NJFinance & Insurance521 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$2,755Employer $ per active participant
$6,474Employee $ saved per active participant
0.07%Direct admin cost, % of plan assets
$62.8MNet plan assets, end of year
$90,055Average balance per account
Score breakdown
- Employer generosity17.3 / 5035th percentile for employer $ per participant
- Low cost20.2 / 2581th percentile for low admin cost vs. same-size plans
- Employee saving6.3 / 1542th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score47 / 100 · Grade C
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 35th |
| Lower admin cost | 81th |
| Employee saving | 42th |
| 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
- Kearny Bank put in about $2,755 per active participant, below the typical peer ($3,606). 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.
- 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 | $1,435,212 |
| Participant (employee) contributions | $3,373,001 |
| Other contributions (incl. rollovers in) | $147,811 |
| Administrative expenses paid from the plan | $44,224 |
| Contract administrator fees | $44,224 |
| Benefits paid out | $6,204,513 |
| Net assets, start / end of year | $58.3M / $62.8M |
| Active participants, start / end of year | 522 / 520 |
| Participants with account balances | 697 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Schneider Downs |
| Employer stock held by plan | $7,808,279 |
Largest service providers (Schedule C)
| Pentegra Services, Inc. | $48,299 reported compensation |
| Empower Annuity Insurance Company | $11,603 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250626104848NAL0005120003001, received 2025-06-26, EIN 22-1032860, plan #003, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.