Northwest Bank 401(k) Review & Grade
Northwest Bank 401(k) Plan
Warren, PAFinance & Insurance2,078 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$2,282Employer $ per active participant
$4,962Employee $ saved per active participant
0.10%Direct admin cost, % of plan assets
$259.4MNet plan assets, end of year
$105,634Average balance per account
Score breakdown
- Employer generosity12.8 / 5026th percentile for employer $ per participant
- Low cost18.5 / 2574th percentile for low admin cost vs. same-size plans
- Employee saving3.4 / 1522th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score35 / 100 · Grade D
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 26th |
| Lower admin cost | 74th |
| Employee saving | 22th |
| Peers that auto-enroll | 62% |
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Red flags from the filing
Corrective distributions: the plan refunded $76 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Northwest Bank put in about $2,282 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.
- 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 | $4,741,663 |
| Participant (employee) contributions | $10,310,230 |
| Other contributions (incl. rollovers in) | $2,492,329 |
| Administrative expenses paid from the plan | $254,058 |
| Benefits paid out | $36,396,203 |
| Net assets, start / end of year | $248.5M / $259.4M |
| Active participants, start / end of year | 2,124 / 2,032 |
| Participants with account balances | 2,456 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Freed Maxick, P.C. |
| Employer stock held by plan | $52,143,706 |
Largest service providers (Schedule C)
| Northwest Bank | $133,481 reported compensation |
| Epic Retirement Plan Services | $120,577 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250715144549NAL0004977602001, received 2025-07-15, EIN 23-2790930, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.