Plan Snapshot
- Plan Sponsor: Westfield Bank
- Sponsor EIN: 043305700
- Sponsor Address: 141 ELM ST, WESTFIELD, MA, 010852923
- Plan Type: 401(k)
- Total Participants: 328
- Total Assets: $48.1M
Key Plan Design Features
- Auto-Enrollment: Yes
- Auto-Escalation: No
- Allows Roth Contributions: No
- Participant Loans: No
- Participant-Directed Investments: Yes
- ERISA Section 404(c) Fiduciary Safe Harbor: Yes
Plan Financials by Year
| Year | Participants | Total Assets | Employer Contrib. | Employee Contrib. |
|---|---|---|---|---|
| 2024 | 328 | $48.1M | $1.4M | $1.8M |
| 2023 | 323 | $41.9M | $1.3M | $1.7M |
| 2022 | 324 | $33.9M | $469,945 | $1.6M |
Service Providers (Schedule C)
Vendors paid $5,000 or more for services to the plan, ranked by total compensation (direct + indirect fees).
| Provider Name | Role | Direct Compensation | Indirect Compensation | Total Fees |
|---|---|---|---|---|
| PRINCIPAL LIFE INSURANCE COMPANY | CONTRACT ADMINISTRATOR | $63,525 | — | $63,525 |
| USI ADVISORS, INC. | INVESTMENT ADVISORY | $30,387 | $17 | $30,404 |
| WOLF & COMPANY, P.C. | Auditor | — | — | $0 |
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $93,929
- Estimated Expense Ratio: 0.195% of plan assets
Historical Administrative Expenses
Breakdown of administrative expense categories reported on Form 5500 filings.
| Year | Total Admin Expenses | Investment Mgmt Fees | Contract Admin Fees | IQPA Audit Fees | Professional Fees |
|---|---|---|---|---|---|
| 2024 | $93,920 | $30,395 | $63,525 | — | — |
| 2023 | $62,248 | $19,781 | $42,467 | — | — |
| 2022 | $117,821 | $4,677 | $113,144 | — | — |