Privilege Underwriters 401(k) match, vesting and fees
What Privilege Underwriters' 401(k) plan says about matching contributions
The Company matches the participants' pre-tax and after-tax contributions at a rate of 75% on the first 8%, subject to a maximum company match of 6% of the participants' eligible compensation, as defined by the Plan.
Quoted directly from the filing. Plan terms may have changed; check your current Summary Plan Description.
Plan features
Indented passages are quoted word for word from the audit report; plan terms may have changed since, so check your current Summary Plan Description.
| Employer match | Quoted from the filing above | Audit report, p. 32 ↗ |
| Automatic enrollment | The Plan includes an automatic enrollment provision whereby an initial pre-tax deferral contribution of 8% of eligible compensation will be made for newly-eligible employees hired, 35 days after such employee's date of hire, unless they affirmatively elect not to participate in the Plan. The Plan allows each eligible employee having a reemployment commencement date to be automatically enrolled the later of 30 days from the date of rehire or the next entry date. | Audit report, p. 32 ↗ |
| Loans | Participants may borrow funds, pursuant to Internal Revenue Service ("IRS") guidelines, from the vested portion of their account balances at a minimum of $1,000 and up to a maximum of the lesser of $50,000 or 50% of the participant's vested interested in the Plan. Loan terms range from one to five years; however, terms may exceed five years but not more than 10 years for the purchase of a primary residence. The loans are secured by the balance in the participant's account and bear interest at a rate of prime plus 1%. Interest rates on outstanding loan balances range from 4.25% to 10.50% at December 31, 2024 and 2023. | Audit report, p. 33 ↗ |
| Recordkeeper | Fidelity Investments Institutional | Schedule C ↗ |
| Independent auditor | Eisneramperllp (unmodified opinion, limited scope) | Schedule H ↗ |
| Plan type and status | 401(k) · Active | Form 5500 ↗ |
All rows are from the plan year 2024 filing; plan features from its audit report.
How the plan compares
Plan year 2024 medians for 673 defined-contribution plans in finance and insurance with 1,000 to 4,999 participants.
| Privilege Underwriters: employer contribution per participant | $5,109 | |
| Peer median | $2,966 |
| Privilege Underwriters: average balance | $124,894 | |
| Peer median | $104,792 |
| Privilege Underwriters: admin expenses ÷ assets | 0.14% | |
| Peer median | 0.10% |
Admin expenses are the plan's reported administrative expenses divided by its assets; they do not include fund expense ratios.
Plan history
Plan assets went from $112M at the end of plan year 2021 to $169M at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 1,390 | $169M | $6.9M | $5,109 | 0.14% | Quoted in the audit report, p. 32 ↗ | Form 5500 ↗ |
| 2023 | 1,311 | $136M | $6.4M | $4,963 | 0.15% | Not published | Form 5500 ↗ |
| 2022 | 1,257 | $99.9M | $5.8M | $4,729 | 0.05% | Not published | Form 5500 ↗ |
| 2021 | 1,114 | $112M | $5.3M | $4,870 | 0.02% | Not published | Form 5500 ↗ |
Common questions
Does Privilege Underwriters match 401(k) contributions?
The audit report attached to the Privilege Underwriters, Inc. 401(k) Plan's plan year 2024 Form 5500, page 32 says: “The Company matches the participants' pre-tax and after-tax contributions at a rate of 75% on the first 8%, subject to a maximum company match of 6% of the participants' eligible compensation, as defined by the Plan.” Plan terms may have changed; check your current Summary Plan Description.
When is the Privilege Underwriters 401(k) match vested?
The vesting schedule for the Privilege Underwriters, Inc. 401(k) Plan is not in the data published so far. Your Summary Plan Description states it.
Who manages the Privilege Underwriters 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is Fidelity Investments Institutional. The plan administrator is Privilege Underwriters, Inc..
I left Privilege Underwriters. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Privilege Underwriters, Inc., (914) 367-1879) or the recordkeeper, Fidelity Investments Institutional. The Privilege Underwriters old 401(k) page lists the contacts from every plan filing. Find an old Privilege Underwriters 401(k)
Data from the public Form 5500 annual reports Privilege Underwriters filed with the U.S. Department of Labor (plan years 2021 and 2022 and 2023 and 2024) and, where noted, the attached independent auditor's report. Plan terms may have changed since the filing; check your current Summary Plan Description. PlanFacts is not affiliated with Privilege Underwriters. Not financial advice. Report a correction · Methodology