The Federal Savings Bank 401(k) Review & Grade
The Federal Savings Bank Retirement Plan
Chicago, ILFinance & Insurance1,064 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$320Employer $ per active participant
$4,730Employee $ saved per active participant
0.46%Direct admin cost, % of plan assets
$48.8MNet plan assets, end of year
$39,034Average balance per account
Score breakdown
- Employer generosity1.9 / 504th percentile for employer $ per participant
- Low cost6.4 / 2526th percentile for low admin cost vs. same-size plans
- Employee saving3.0 / 1520th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default 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 | 4th |
| Lower admin cost | 26th |
| Employee saving | 20th |
| 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
- Federal Savings Bank put in about $320 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 (0.46% 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.
- 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 | $340,428 |
| Participant (employee) contributions | $5,030,711 |
| Other contributions (incl. rollovers in) | $294,392 |
| Administrative expenses paid from the plan | $213,219 |
| Contract administrator fees | $42,950 |
| Investment advisory & management fees | $170,269 |
| Benefits paid out | $5,901,249 |
| Net assets, start / end of year | $43.7M / $48.8M |
| Active participants, start / end of year | 1,023 / 1,104 |
| Participants with account balances | 1,251 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Porte Brown |
Largest service providers (Schedule C)
| Stadion Money Management | $115,832 reported compensation |
| LPL Financial | $61,959 reported compensation |
| Ascensus LLC | $30,200 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251010145045NAL0004722723001, received 2025-10-10, EIN 43-1883419, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.