Bay Coast Bank 401(k) Review & Grade
Bay Coast Bank 401(k) Plan
Swansea, MAFinance & Insurance520 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$2,635Employer $ per active participant
$6,677Employee $ saved per active participant
0.18%Direct admin cost, % of plan assets
$78.3MNet plan assets, end of year
$113,302Average balance per account
Score breakdown
- Employer generosity16.3 / 5033th percentile for employer $ per participant
- Low cost14.4 / 2557th percentile for low admin cost vs. same-size plans
- Employee saving6.8 / 1545th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score48 / 100 · Grade C
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 33th |
| Lower admin cost | 57th |
| Employee saving | 45th |
| Peers that auto-enroll | 62% |
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Red flags from the filing
No red flags were reported on this filing's compliance questions.
What to do if you're in this plan
- Bay Coast Bank put in about $2,635 per active participant, below the typical peer ($3,606). Any match is still an instant return, so contribute enough to get all of it.
- The filing shows total dollars, not the match formula. Ask HR for the Summary Plan Description so you know the exact match and vesting schedule.
- Fund expense ratios aren't in the filing. Look them up in your 404(a)(5) fee disclosure and favor low-cost index or target-date funds.
- The plan auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- Changing jobs? You can usually leave the money in the plan, move it to your new employer's plan, or roll it into an IRA. Don't cash out: you'd owe taxes and possibly a 10% penalty.
The raw numbers from the filing
| Employer contributions | $1,371,315 |
| Participant (employee) contributions | $3,475,556 |
| Other contributions (incl. rollovers in) | $678,435 |
| Administrative expenses paid from the plan | $131,719 |
| Investment advisory & management fees | $21,053 |
| Benefits paid out | $4,256,394 |
| Net assets, start / end of year | $67.1M / $78.3M |
| Active participants, start / end of year | 524 / 517 |
| Participants with account balances | 691 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Cbiz Cpas P.C |
Largest service providers (Schedule C)
| Epic Retirement Plan Services | $108,543 reported compensation |
| Matrix Trust Company | $21,053 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250912082348NAL0001147041001, received 2025-09-12, EIN 04-1178460, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.