Retirement plan

M & T BANK CORPORATION RETIREMENT SAVINGS PLAN

Name: MANUFACTURERS AND TRADERS TRUST CO. - M & T BANK CORPORATION RETIREMENT SAVINGS PLAN (2023) Form 5500
Creator: MANUFACTURERS AND TRADERS TRUST CO.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, M & T BANK CORPORATION RETIREMENT SAVINGS PLAN, MANUFACTURERS AND TRADERS TRUST CO.

MANUFACTURERS AND TRADERS TRUST CO.EIN 16-0538020Plan #004PY 2023

ONE MT PLAZA, 345 MAIN ST - BUFFALO, NY 142032308716-842-5746LinkedIn1-10 employees

Other plans on this EIN

2 filings

#002Retirement-$3.15B assets #001Retirement-$428K assets

Prospect flagsNo flags tripped

How to read this page

Total assets (EOY)

$4605.1M

-12.8% from 2016

Total participants

32,068

-2.8% from 2016

Average account balance

$147,817

-2.9% from 2016

Annual return

16.47%

-14.71 pp from 2016

Benchmarks

See 90 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants>=10,000

Cohort90 peers

Snapshot2023

Free accounts unlock saves, downloads, and 3-year history.

Analytics

Total assets (EOY)

Plan-year ending balance

$5.20B

Not enough data

1 years with asset history on file

Average account balance

Total assets / participants with a balance (line 6g)

$169K

Not enough data

1 years with per-participant data

Participants with account balance

Stacked by status: active / separated vested / retired or beneficiary. Total = line 6g.

30,785

Not enough data

1 years with headcount on file

Eligible Participants and Participation

Bars: eligible actives (line 6a). Line: derived rate = active employees with a balance / 6a.

92.5%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$330.81M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$15K

Not enough data

1 years with per-participant contribution data

Asset flow

BOY + contributions + return - distributions = EOY

Year

Annual return

Diverging bars; negative years highlighted

+16.35%

Not enough data

1 years with return on file

Admin fee / account holder

Total admin expenses / participants with a balance (line 6g)

$74

Not enough data

1 years with admin cost on file

Asset composition

Cash / stocks / bonds / mutual funds / real estate / loans over time

Not enough data

1 years with F_SCH_H allocation on file

Free accounts unlock saves, downloads, and 3-year history.

Service providers

Top 6 by compensation

Provider	Service type	Compensation
T ROWE PRICE RPS INC9+ years Service code 15 100 EAST PRATT STREET · BALTIMORE, MD 21202	Recordkeeping	$1,513,120
WILLIS TOWERS WATSON US LLC3 years Filed as: TOWERS WATSON Service code 16 WILLIS TOWER · CHICAGO, IL 60606	Consulting	$97,500
PRICEWATERHOUSECOOPERS LLP7 years Service code 10 PO BOX 7247-8001 · PHILADELPHIA, PA 19170	Accounting	$58,293
PKF O'CONNOR DAVIES, LLP1 year Filed as: PKF O'CONNOR DAVIES LLP Service code 10 ONE CORPORATE DRIVE · SHELTON, CT 06484	Accounting	$24,600
FIDELITY INVESTMENTS INSTITUTIONAL1 year Filed as: FIDELITY INVESTMENT INST OPERATIONS Service code 49 PO BOX 73307 · CHICAGO, IL 60673	Other Services	$19,485
ALIGHT SOLUTIONS LLC6 years Service code 16 P.O. BOX 95135 · CHICAGO, IL 60694	Consulting	$9,100

Plan features & details

Pension benefit codes2E2F2G2I2J2K2O2S2T3H

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.
2I
Stock bonus
Stock bonus plan.
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.
2O
ESOP other than a leveraged ESOP
Employee stock ownership plan that is not leveraged.
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.
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

0 tripped

No flags tripped for this filing year. This plan looks clean.

Expense breakdown

Schedule H Part II

Admin total

$2.6M

$119 / participant

Recordkeeping$2M58.0%
Other trustee fees$922K34.9%
Other / not subdivided$189K7.2%

% of EOY assets

0.057%

all-in expense ratio

Categories reported

2 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: PRICEWATERHOUSECOOPERS LLP
Auditor EIN: 134008324
Audit fees: $82,893
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$147,817

$135,240+9.3%

$170,055-13.1%

$96,393+53.3%

Participation rate

95.9%

86.5%+9.4pp

87.0%+8.9pp

71.3%+24.6pp

Annual return

16.47%

22.04%-5.6pp

53.43%-37.0pp

22.88%-6.4pp

Employer contribution / active EE

$6,366

$5,029+26.6%

$6,790-6.2%

$3,239+96.6%

Participant deferral / active EE

$7,684

$8,138-5.6%

$10,410-26.2%

$5,455+40.9%

Admin fee / account holder

$85

$850%

$12,828-99.3%

$74+14.9%

Provider

Service type

Compensation

T ROWE PRICE RPS INC9+ years

Service code 15

100 EAST PRATT STREET · BALTIMORE, MD 21202

Recordkeeping

$1,513,120

WILLIS TOWERS WATSON US LLC3 years

Filed as: TOWERS WATSON

Service code 16

WILLIS TOWER · CHICAGO, IL 60606

Consulting

$97,500

PRICEWATERHOUSECOOPERS LLP7 years

Service code 10

PO BOX 7247-8001 · PHILADELPHIA, PA 19170

Accounting

$58,293

PKF O'CONNOR DAVIES, LLP1 year

Filed as: PKF O'CONNOR DAVIES LLP

Service code 10

ONE CORPORATE DRIVE · SHELTON, CT 06484

Accounting

$24,600

FIDELITY INVESTMENTS INSTITUTIONAL1 year

Filed as: FIDELITY INVESTMENT INST OPERATIONS

Service code 49

PO BOX 73307 · CHICAGO, IL 60673

Other Services

$19,485

ALIGHT SOLUTIONS LLC6 years

Service code 16

P.O. BOX 95135 · CHICAGO, IL 60694

Consulting

$9,100

M & T BANK CORPORATION RETIREMENT SAVINGS PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

M & T BANK CORPORATION RETIREMENT SAVINGS PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

Benchmarks

Service providers

Opportunity flags

Expense breakdown

Audit opinion

Benchmarks

Service providers

Opportunity flags

Expense breakdown

Audit opinion