Eastern Bank 401(k) Review & Grade
Eastern Bank 401(k) Plan
Boston, MAFinance & Insurance1,828 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$2,698Employer $ per active participant
$6,774Employee $ saved per active participant
0.10%Direct admin cost, % of plan assets
$343.6MNet plan assets, end of year
$130,011Average balance per account
Score breakdown
- Employer generosity16.7 / 5033th percentile for employer $ per participant
- Low cost18.8 / 2575th percentile for low admin cost vs. same-size plans
- Employee saving7.0 / 1546th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default 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 | 33th |
| Lower admin cost | 75th |
| Employee saving | 46th |
| 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
- Eastern Bank put in about $2,698 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 | $4,931,203 |
| Participant (employee) contributions | $12,381,980 |
| Other contributions (incl. rollovers in) | $18,135,746 |
| Administrative expenses paid from the plan | $319,602 |
| Investment advisory & management fees | $63,907 |
| Other admin expenses | $16,950 |
| Benefits paid out | $66,936,044 |
| Net assets, start / end of year | $327.2M / $343.6M |
| Active participants, start / end of year | 1,706 / 1,950 |
| Participants with account balances | 2,643 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Wolf and Company P.C |
| Employer stock held by plan | $47,509,917 |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company O | $236,601 reported compensation |
| Empower Advisory Group, LLC | $63,907 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250626112030NAL0021356354001, received 2025-06-26, EIN 04-3067724, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.