Northpointe Bank 401(k) Review & Grade
The Northpointe Bancshares, Inc. Employee Stock Ownership Plan
Grand Rapids, MIFinance & Insurance537 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$1,294Employer $ per active participant
$5,959Employee $ saved per active participant
0.43%Direct admin cost, % of plan assets
$61.3MNet plan assets, end of year
$65,102Average balance per account
Score breakdown
- Employer generosity6.0 / 5012th percentile for employer $ per participant
- Low cost7.1 / 2528th percentile for low admin cost vs. same-size plans
- Employee saving5.1 / 1534th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score21 / 100 · Grade F
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 12th |
| Lower admin cost | 28th |
| Employee saving | 34th |
| Peers that auto-enroll | 62% |
Get the monthly 401(k) report card
The best and worst plans, new grades as filings post. One email a month, no spam.
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
- Northpointe Bank put in about $1,294 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.
- Direct plan expenses (0.43% of assets) are well above similar-size plans (0.23%). Check your annual fee disclosure, choose low-cost index funds if you can, and think about whether savings beyond the match belong in an IRA.
- 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 | $694,672 |
| Participant (employee) contributions | $3,200,182 |
| Other contributions (incl. rollovers in) | $489,230 |
| Administrative expenses paid from the plan | $266,131 |
| Contract administrator fees | $108,120 |
| Other admin expenses | $14,356 |
| Benefits paid out | $16,505,467 |
| Net assets, start / end of year | $63.5M / $61.3M |
| Active participants, start / end of year | 598 / 476 |
| Participants with account balances | 942 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Plante & Moran, PLLC |
| Employer stock held by plan | $14,068,090 |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company | $143,655 reported compensation |
| Pentegra Services Inc. | $108,120 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014113843NAL0001317955001, received 2025-10-14, EIN 38-3448372, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.