State Farm Mutual Automobile Insurance Company 401(k) Review & Grade
State Farm 401(k) Savings Plan
Bloomington, ILFinance & Insurance65,386 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$2,191Employer $ per active participant
$6,881Employee $ saved per active participant
0.00%Direct admin cost, % of plan assets
$19.0BNet plan assets, end of year
$190,574Average balance per account
Score breakdown
- Employer generosity3.5 / 507th percentile for employer $ per participant
- Low cost24.7 / 2599th percentile for low admin cost vs. same-size plans
- Employee saving1.3 / 158th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score27 / 100 · Grade F
This plan vs. peers
Peers: Finance & Insurance plans with 10,000+ active participants (72 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 7th |
| Lower admin cost | 99th |
| Employee saving | 8th |
| Peers that auto-enroll | 74% |
Red flags from the filing
Fraud or dishonesty loss: the plan reported a loss caused by fraud or dishonesty during the year.
Corrective distributions: the plan refunded $23,165 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- State Farm Mutual Automobile Insurance put in about $2,191 per active participant, below the typical peer ($5,179). 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.
- The plan auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- 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 | $143,253,987 |
| Participant (employee) contributions | $449,892,836 |
| Other contributions (incl. rollovers in) | $39,320,577 |
| Administrative expenses paid from the plan | $585,741 |
| Other admin expenses | $585,741 |
| Benefits paid out | $1,463,452,044 |
| Net assets, start / end of year | $16.9B / $19.0B |
| Active participants, start / end of year | 63,297 / 67,476 |
| Participants with account balances | 99,752 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Pricewaterhousecoopers |
Largest service providers (Schedule C)
| The Vanguard Group, Inc. | $585,741 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251010104106NAL0007965633001, received 2025-10-10, EIN 37-0533100, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.
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