# Westfield Bank 401(k) Plan
Source: https://planprovider.pro/companies/westfield-bank-401k-plan

> Westfield Bank's 401(k) plan: 328 participants, plan year 2024 financials, providers, and benchmarks from Form 5500.

Form 5500 filing data for plan year 2024.

## 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|—|—|

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