Third Federal Savings and Loan Association of Cleveland 401(k) Review & Grade
Third Federal 401(k) Savings Plan
Cleveland, OHFinance & Insurance952 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$3,155Employer $ per active participant
$5,013Employee $ saved per active participant
0.11%Direct admin cost, % of plan assets
$204.6MNet plan assets, end of year
$190,830Average balance per account
Score breakdown
- Employer generosity20.8 / 5042th percentile for employer $ per participant
- Low cost17.8 / 2571th percentile for low admin cost vs. same-size plans
- Employee saving3.5 / 1523th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score45 / 100 · Grade C
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 42th |
| Lower admin cost | 71th |
| Employee saving | 23th |
| 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
- Third Federal Savings and Loan Association of Cleveland put in about $3,155 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 | $3,003,849 |
| Participant (employee) contributions | $4,772,125 |
| Other contributions (incl. rollovers in) | $183,650 |
| Administrative expenses paid from the plan | $223,052 |
| Contract administrator fees | $223,052 |
| Benefits paid out | $22,660,285 |
| Net assets, start / end of year | $194.0M / $204.6M |
| Active participants, start / end of year | 977 / 927 |
| Participants with account balances | 1,072 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Meaden & Moore LTD |
| Employer stock held by plan | $14,362,161 |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $223,052 reported compensation |
| Cbiz Investment Advisory Services, | $164,958 reported compensation |
| Meaden & Moore | $44,000 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250620082140NAL0009338338001, received 2025-06-20, EIN 34-0573493, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.