Webster Bank, N.A. 401(k) Review & Grade
Webster Bank Retirement Savings Plan
Jericho, NYFinance & Insurance3,788 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$5,526Employer $ per active participant
$10,530Employee $ saved per active participant
0.02%Direct admin cost, % of plan assets
$1.1BNet plan assets, end of year
$173,822Average balance per account
Score breakdown
- Employer generosity31.6 / 5063th percentile for employer $ per participant
- Low cost23.3 / 2593th percentile for low admin cost vs. same-size plans
- Employee saving10.8 / 1572th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score73 / 100 · Grade B
This plan vs. peers
Peers: Finance & Insurance plans with 2,500–9,999 active participants (199 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 63th |
| Lower admin cost | 93th |
| Employee saving | 72th |
| Peers that auto-enroll | 66% |
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Red flags from the filing
Corrective distributions: the plan refunded $4,412 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Webster Bank put in about $5,526 per active participant, more than the typical peer ($4,489). Contribute at least enough to collect the full match. Skipping it leaves part of your pay on the table.
- 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 | $20,931,444 |
| Participant (employee) contributions | $39,887,184 |
| Other contributions (incl. rollovers in) | $6,014,718 |
| Administrative expenses paid from the plan | $249,785 |
| Contract administrator fees | $3,300 |
| Benefits paid out | $114,626,335 |
| Net assets, start / end of year | $1.0B / $1.1B |
| Active participants, start / end of year | 3,250 / 4,326 |
| Participants with account balances | 6,499 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Weaver and Tidwell LLP |
| Employer stock held by plan | $85,576,606 |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $211,496 reported compensation |
| Weaver and Tidwell LLP | $38,100 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250917092025NAL0000429426001, received 2025-09-17, EIN 06-0273620, plan #003, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.