Middlesex Savings Bank 401(k) Review & Grade
Sbera 401(k) Plan As Adopted by Middlesex Savings Bank
Natick, MAFinance & Insurance508 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$2,297Employer $ per active participant
$8,305Employee $ saved per active participant
0.00%Direct admin cost, % of plan assets
$103.7MNet plan assets, end of year
$171,460Average balance per account
Score breakdown
- Employer generosity13.0 / 5026th percentile for employer $ per participant
- Low cost24.9 / 25100th percentile for low admin cost vs. same-size plans
- Employee saving9.6 / 1564th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score51 / 100 · Grade C
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 26th |
| Lower admin cost | 100th |
| Employee saving | 64th |
| 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
- Middlesex Savings Bank put in about $2,297 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 | $1,166,670 |
| Participant (employee) contributions | $4,218,829 |
| Other contributions (incl. rollovers in) | $223,114 |
| Administrative expenses paid from the plan | $1,930 |
| Contract administrator fees | $1,930 |
| Benefits paid out | $8,793,746 |
| Net assets, start / end of year | $93.5M / $103.7M |
| Active participants, start / end of year | 503 / 513 |
| Participants with account balances | 605 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Johnson Oconnor Feron & Carucci LLP |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250730134321NAL0005706096001, received 2025-07-30, EIN 27-0402195, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.