Customers Bank 401(k) Review & Grade
Customers Bank 401(k) Plan
West Reading, PAFinance & Insurance751 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$4,099Employer $ per active participant
$12,531Employee $ saved per active participant
0.20%Direct admin cost, % of plan assets
$96.1MNet plan assets, end of year
$96,962Average balance per account
Score breakdown
- Employer generosity28.4 / 5057th percentile for employer $ per participant
- Low cost13.6 / 2554th percentile for low admin cost vs. same-size plans
- Employee saving12.6 / 1584th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score62 / 100 · Grade B
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 57th |
| Lower admin cost | 54th |
| Employee saving | 84th |
| Peers that auto-enroll | 62% |
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Red flags from the filing
Corrective distributions: the plan refunded $17,348 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Customers Bank put in about $4,099 per active participant, more than the typical peer ($3,606). 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 | $3,078,520 |
| Participant (employee) contributions | $9,410,710 |
| Other contributions (incl. rollovers in) | $6,322,113 |
| Administrative expenses paid from the plan | $175,159 |
| Investment advisory & management fees | $74,043 |
| Benefits paid out | $13,286,547 |
| Net assets, start / end of year | $78.6M / $96.1M |
| Active participants, start / end of year | 703 / 799 |
| Participants with account balances | 991 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Deloitte & Touche LLP |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $101,115 reported compensation |
| Ubs Financial Services Inc | $60,686 reported compensation |
| Strategic Advisors, Inc. | $13,357 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250827163659NAL0009590769001, received 2025-08-27, EIN 23-2892229, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.