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Retirement plan

STATE FARM 401(K) SAVINGS PLAN

STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANYEIN 37-0533100Plan #002PY 2019
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ONE STATE FARM PLAZA - BLOOMINGTON, IL 617100001309-735-0334
Other plans on this EIN
1 filing
#001Retirement-$29.27B assets
Prospect flagsLow employer contributionLoss discovered

Filing contacts

From the Form 5500, federal record
Plan sponsor signer
(name not on filing)
(309) 735-0334
Plan administrator entity
PENSION ADMINISTRATIVE COMMITTEE
EIN 370533100
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Summary metrics

Total assets (EOY)
$13752.7M
-9.9% from 2016
Total participants
93,650
-2.8% from 2016
Average account balance
$149,682
-8.2% from 2016
Annual return
21.26%
-13.08 pp from 2016

Benchmarks

See 80 peers
Peer group
Industry52 - Finance and Insurance
Plan typeDefined contribution
Participants>=10,000
Cohort80 peers
Snapshot2019
Participant deferral / active EE
$5,736
median $6,272
Employer contribution / active EE
$1,109
median $3,719
Participation rate
97.0%
median 95.8%
Avg account balance
$149,682
median $120,205
Admin fee / account holder
$0
median $59
Annual return
21.26%
median 22.69%
Overall peer rank
50th percentileavg across 6 metrics

Analytics

2015 - 2024
Total assets (EOY)
Plan-year ending balance
$19.01B
Average account balance
Total assets / participants with a balance (line 6g)
$191K
Participants with account balance
Stacked by status: active / separated vested / retired or beneficiary. Total = line 6g.
99,752
Eligible Participants and Participation
Bars: eligible actives (line 6a). Line: derived rate = active employees with a balance / 6a.
96.8%
Contributions (total)
Employer and participant dollars contributed each year
$593.15M
Contributions per participant
Average employer and participant contribution per enrolled participant
$9K
Asset flow
BOY + contributions + return - distributions = EOY
Year
Annual return
Diverging bars; negative years highlighted
+17.39%
Admin fee / account holder
Total admin expenses / participants with a balance (line 6g)
$6
Asset composition
Cash / stocks / bonds / mutual funds / real estate / loans over time
  • Mutual / pooled
  • Stocks
  • Bonds
  • Cash
  • Real estate
  • Loans

Service providers

Top 2 by compensation
ProviderService typeCompensation
JPMORGAN CHASE BANK, N.A.5+ years
Service code 18 · EIN 13-4994650
Other investment fees and expenses; F...
$64,607
THE VANGUARD GROUP, INC.5+ years
Service code 28 · EIN 23-1945930
Investment Management
$1,338

Reportable transactions (Schedule G)

1 row

Counterparties on defaulted loans (Part 1), defaulted leases (Part 2), and non-exempt prohibited transactions (Part 3). Presence of any row warrants fiduciary review.

CategoryCounterpartyRelationship / TermsAddressAmount
Part 3
Non-exempt transaction
STATE FARM BANK
PARTY-IN-INTEREST
BANK CHARGED FEES IN EXCESS OF WHAT IS PERMITTED UNDER PTCE 2004-16 ON DEFAULT ROLLOVER AMOUNTS INTO IRAS
——

Top hat statement on fileNQDC

Filed October 1, 2020 (most recent of 6 filings on file)

Plan administrator

Plan administrator name— Sign in and upgrade to view
One State Farm Plaza
Bloomington, IL 61710
Email— Sign in and upgrade to viewPhone— Sign in and upgrade to view

Plans declared (11)

  • Agency Deputy Regional Vice President Voluntary Early Retirement Incentive Plan3 emp
  • State Farm Insurance Companies Voluntary Early Retirement Incentive Plan122 emp
  • State Farm Insurance Companies Performance Bonus Retirement Plan13 emp
  • State Farm Leadership (L7) Early Retirement Incentive and Severance Plan19 emp
  • State Farm Leadership (L5/L6) Early Retirement Incentive and Severance Plan11 emp
  • +6 more

Total covered: 4,934 employees

Open the filing PDF

Plan features & details

Pension benefit codes2E2F2G2J2K2S2T3F3H
Plan features
  • 2E
    Profit-sharing
    Profit-sharing plan.
  • 2F
    ERISA section 404(c) plan
    This plan or any part of it is intended to meet the conditions of 29 CFR 2550.404c-1 (shifting investment responsibility to participants).
  • 2G
    Total participant-directed account plan
    Participants have the opportunity to direct the investment of all of the assets allocated to their individual accounts regardless of whether 29 CFR 2550.404c-1 is intended to be met.
  • 2J
    Code section 401(k) feature
    Cash or deferred arrangement described in Code section 401(k) that is part of a qualified defined contribution plan under which employees may elect to defer part of their compensation or receive these amounts in cash.
  • 2K
    Code section 401(m) arrangement
    Employee contributions are allocated to separate accounts under the plan or employer contributions are based in whole or in part on employee deferrals or contributions to the plan. Not applicable to 401(k) plans with only QNECs and/or QMACs or to 403(b)(1) 403(b)(7) or 408 arrangements.
  • 2S
    Automatic enrollment
    Plan provides for automatic enrollment in plan that has elective contributions deducted from payroll.
  • 2T
    Default investment account
    Total or partial participant-directed account plan where plan uses a default investment account for participants who fail to direct assets in their account.
  • 3F
    Leased employees
    Plan sponsor(s) received services of leased employees as defined in Code section 414(n) during the plan year.
  • 3H
    Controlled group member
    Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b) (c) or (m)).

Opportunity flags

2 tripped
  • OpportunityLow employer contribution

    Employer contribution per participant is in the bottom quintile of the peer cohort.

  • ComplianceLoss discovered

    Plan reported the discovery of a loss from fraud or dishonesty.

Audit opinion

Schedule H Part III
Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm
PRICEWATERHOUSECOOPERS
Auditor EIN
134008324
Audit fees
(not subdivided)
Opinion code
Unqualified