Washington Federal Bank 401(k) Review & Grade
Washington Federal Bank 401(k) Plan
Seattle, WAFinance & Insurance2,133 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$4,176Employer $ per active participant
$5,886Employee $ saved per active participant
0.18%Direct admin cost, % of plan assets
$225.2MNet plan assets, end of year
$83,379Average balance per account
Score breakdown
- Employer generosity29.1 / 5058th percentile for employer $ per participant
- Low cost14.6 / 2558th percentile for low admin cost vs. same-size plans
- Employee saving5.0 / 1533th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score56 / 100 · Grade C
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 58th |
| Lower admin cost | 58th |
| Employee saving | 33th |
| Peers that auto-enroll | 62% |
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Red flags from the filing
Corrective distributions: the plan refunded $17,083 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Washington Federal Bank put in about $4,176 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 | $8,907,066 |
| Participant (employee) contributions | $12,553,781 |
| Other contributions (incl. rollovers in) | $11,541,649 |
| Administrative expenses paid from the plan | $367,437 |
| Contract administrator fees | $1,800 |
| Investment advisory & management fees | $130,383 |
| Other admin expenses | $113 |
| Benefits paid out | $21,772,918 |
| Net assets, start / end of year | $190.3M / $225.2M |
| Active participants, start / end of year | 2,055 / 2,211 |
| Participants with account balances | 2,701 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Weaver and Tidwell, LLP |
| Employer stock held by plan | $6,887,208 |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $164,024 reported compensation |
| Strategic Advisors, Inc. | $74,016 reported compensation |
| Ubs Financial Services | $56,717 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250822180758NAL0005534465001, received 2025-08-22, EIN 91-0135860, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.