Old Second Bancorp, Inc. 401(k) Review & Grade
Old Second Bancorp, Inc. Employees' 401(k) Savings Plan & Trust
Aurora, ILFinance & Insurance868 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$2,697Employer $ per active participant
$5,772Employee $ saved per active participant
0.03%Direct admin cost, % of plan assets
$101.6MNet plan assets, end of year
$125,858Average balance per account
Score breakdown
- Employer generosity16.6 / 5033th percentile for employer $ per participant
- Low cost23.3 / 2593th percentile for low admin cost vs. same-size plans
- Employee saving4.8 / 1532th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score48 / 100 · Grade C
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 33th |
| Lower admin cost | 93th |
| Employee saving | 32th |
| 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
- Old Second Bancorp put in about $2,697 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 | $2,339,879 |
| Participant (employee) contributions | $5,007,154 |
| Other contributions (incl. rollovers in) | $571,819 |
| Administrative expenses paid from the plan | $27,480 |
| Benefits paid out | $7,754,859 |
| Net assets, start / end of year | $89.0M / $101.6M |
| Active participants, start / end of year | 852 / 883 |
| Participants with account balances | 807 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Plante & Moran PLLC |
| Employer stock held by plan | $12,519,200 |
Largest service providers (Schedule C)
| Charles Schwab Trust Bank | $28,874 reported compensation |
| Epic Retirement Plan Services | $27,475 reported compensation |
| Charles Schwab & Co., Inc. | $8,222 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250718143602NAL0001914833001, received 2025-07-18, EIN 36-3143493, plan #003, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.