The Washington Trust Company, of Westerly 401(k) Review & Grade
The Washington Trust Company 401(k) Plan
Westerly, RIFinance & Insurance646 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$6,217Employer $ per active participant
$10,514Employee $ saved per active participant
0.11%Direct admin cost, % of plan assets
$143.0MNet plan assets, end of year
$179,140Average balance per account
Score breakdown
- Employer generosity38.6 / 5077th percentile for employer $ per participant
- Low cost18.1 / 2572th percentile for low admin cost vs. same-size plans
- Employee saving11.6 / 1578th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score78 / 100 · Grade A
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 77th |
| Lower admin cost | 72th |
| Employee saving | 78th |
| Peers that auto-enroll | 62% |
Get the monthly 401(k) report card
The best and worst plans, new grades as filings post. One email a month, no spam.
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
- Washington Trust Company, of Westerly put in about $6,217 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 | $4,013,138 |
| Participant (employee) contributions | $6,786,476 |
| Other contributions (incl. rollovers in) | $1,248,586 |
| Administrative expenses paid from the plan | $147,335 |
| Contract administrator fees | $300 |
| Investment advisory & management fees | $31,426 |
| Benefits paid out | $18,803,099 |
| Net assets, start / end of year | $131.0M / $143.0M |
| Active participants, start / end of year | 650 / 641 |
| Participants with account balances | 798 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Citrin Cooperman & Company LLP |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $106,054 reported compensation |
| Strategic Advisors, Inc. | $31,426 reported compensation |
| Citrin Cooperman & Company LLP | $9,555 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250903134114NAL0031740738001, received 2025-09-03, EIN 05-0235370, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.