Heritage Financial Corporation 401(k) Review & Grade
Heritage Financial Corporation 401(k) Profit Sharing Plan and Trust · d/b/a Heritage Bank
Tacoma, WAFinance & Insurance782 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$2,323Employer $ per active participant
$7,831Employee $ saved per active participant
0.18%Direct admin cost, % of plan assets
$112.1MNet plan assets, end of year
$125,722Average balance per account
Score breakdown
- Employer generosity13.3 / 5027th percentile for employer $ per participant
- Low cost14.6 / 2558th percentile for low admin cost vs. same-size plans
- Employee saving8.7 / 1558th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score40 / 100 · Grade D
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 27th |
| Lower admin cost | 58th |
| 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
- Heritage Financial put in about $2,323 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 | $1,815,786 |
| Participant (employee) contributions | $6,120,291 |
| Other contributions (incl. rollovers in) | $527,306 |
| Administrative expenses paid from the plan | $188,748 |
| Investment advisory & management fees | $75,000 |
| Benefits paid out | $12,295,350 |
| Net assets, start / end of year | $101.2M / $112.1M |
| Active participants, start / end of year | 805 / 758 |
| Participants with account balances | 892 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Crowe LLP |
| Employer stock held by plan | $5,385,321 |
Largest service providers (Schedule C)
| Northwest Plan Services | $77,818 reported compensation |
| RBC Wealth Management | $75,000 reported compensation |
| Matrix Trust | $36,000 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250723141258NAL0001946003001, received 2025-07-23, EIN 91-1857900, plan #003, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.