Berkshire Bank 401(k) Review & Grade
Berkshire Bank 401(k) Plan
Pittsfield, MAFinance & Insurance983 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$3,317Employer $ per active participant
$7,810Employee $ saved per active participant
0.09%Direct admin cost, % of plan assets
$182.7MNet plan assets, end of year
$112,322Average balance per account
Score breakdown
- Employer generosity22.5 / 5045th percentile for employer $ per participant
- Low cost19.1 / 2576th percentile for low admin cost vs. same-size plans
- Employee saving8.7 / 1558th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score53 / 100 · Grade C
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 45th |
| Lower admin cost | 76th |
| Employee saving | 58th |
| 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
- Berkshire Bank put in about $3,317 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 | $3,260,369 |
| Participant (employee) contributions | $7,677,361 |
| Other contributions (incl. rollovers in) | $1,604,397 |
| Administrative expenses paid from the plan | $156,353 |
| Other admin expenses | $156,353 |
| Benefits paid out | $15,979,442 |
| Net assets, start / end of year | $164.5M / $182.7M |
| Active participants, start / end of year | 1,024 / 942 |
| Participants with account balances | 1,627 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Crowe, LLP |
| Employer stock held by plan | $5,442,743 |
Largest service providers (Schedule C)
| The Vanguard Group, Inc. | $118,344 reported compensation |
| Vanguard Advisers Inc. | $43,179 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014120118NAL0005735106001, received 2025-10-14, EIN 04-3312097, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.