Midfirst Bank 401(k) Review & Grade
Midland Retirement Plan
Oklahoma City, OKManagement of Companies3,194 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$3,914Employer $ per active participant
$7,630Employee $ saved per active participant
0.11%Direct admin cost, % of plan assets
$485.6MNet plan assets, end of year
$124,328Average balance per account
Score breakdown
- Employer generosity29.7 / 5059th percentile for employer $ per participant
- Low cost13.3 / 2553th percentile for low admin cost vs. same-size plans
- Employee saving9.4 / 1563th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score55 / 100 · Grade C
This plan vs. peers
Peers: Management of Companies plans with 2,500–9,999 active participants (60 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 59th |
| Lower admin cost | 53th |
| Employee saving | 63th |
| Peers that auto-enroll | 58% |
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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
- Midfirst Bank put in about $3,914 per active participant, more than the typical peer ($3,455). 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 | $12,499,850 |
| Participant (employee) contributions | $24,369,836 |
| Other contributions (incl. rollovers in) | $5,550,179 |
| Administrative expenses paid from the plan | $499,331 |
| Other admin expenses | $192,469 |
| Benefits paid out | $25,772,945 |
| Net assets, start / end of year | $406.5M / $485.6M |
| Active participants, start / end of year | 3,151 / 3,237 |
| Participants with account balances | 3,906 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Forvis Mazars, LLP |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $279,142 reported compensation |
| Callan LLC | $192,469 reported compensation |
| Forvis LLP | $29,715 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251007155530NAL0005012817001, received 2025-10-07, EIN 73-0383055, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.