Servbank 401(k) Review & Grade
Servbank 401(k) Profit Sharing Plan
Oswego, ILFinance & Insurance646 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$1,648Employer $ per active participant
$3,057Employee $ saved per active participant
0.79%Direct admin cost, % of plan assets
$31.1MNet plan assets, end of year
$41,651Average balance per account
Score breakdown
- Employer generosity8.3 / 5017th percentile for employer $ per participant
- Low cost2.6 / 2510th percentile for low admin cost vs. same-size plans
- Employee saving1.0 / 157th percentile for employee $ per participant
- Plan features0 / 10No auto-enrollment or default investment reported
- Red-flag deductions-3 pts1 issue reported on the filing
Total score9 / 100 · Grade F
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 17th |
| Lower admin cost | 10th |
| Employee saving | 7th |
| 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
Corrective distributions: the plan refunded $21,452 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Servbank put in about $1,648 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 (0.79% 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 | $1,065,396 |
| Participant (employee) contributions | $1,976,331 |
| Other contributions (incl. rollovers in) | $869,257 |
| Administrative expenses paid from the plan | $231,527 |
| Contract administrator fees | $231,527 |
| Benefits paid out | $4,618,213 |
| Net assets, start / end of year | $27.9M / $31.1M |
| Active participants, start / end of year | 764 / 529 |
| Participants with account balances | 746 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Wipfli LLP |
Largest service providers (Schedule C)
| John Hancock Life Insurance Company | $2,440 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014152131NAL0006626178001, received 2025-10-14, EIN 36-4482786, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.