Westamerica Bancorporation 401(k) Review & Grade
Westamerica Bancorporation Tax Deferred Savings/ Retirement Plan (esop)
Fairfield, CAFinance & Insurance590 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$1,701Employer $ per active participant
$2,809Employee $ saved per active participant
0.04%Direct admin cost, % of plan assets
$64.1MNet plan assets, end of year
$92,836Average balance per account
Score breakdown
- Employer generosity8.4 / 5017th percentile for employer $ per participant
- Low cost22.4 / 2590th percentile for low admin cost vs. same-size plans
- Employee saving0.9 / 156th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-10 pts1 issue reported on the filing
Total score25 / 100 · Grade F
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 17th |
| Lower admin cost | 90th |
| Employee saving | 6th |
| Peers that auto-enroll | 62% |
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Red flags from the filing
Late deposits: the filing says some employee contributions were not sent to the plan on time ($487 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
What to do if you're in this plan
- Westamerica Bancorporation put in about $1,701 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 reported late deposits of employee contributions. Compare your pay stubs with your account statements, and contact the plan administrator if money shows up late.
- 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 | $1,004,717 |
| Participant (employee) contributions | $1,658,918 |
| Other contributions (incl. rollovers in) | – |
| Administrative expenses paid from the plan | $26,799 |
| Other admin expenses | $26,799 |
| Benefits paid out | $5,981,848 |
| Net assets, start / end of year | $61.4M / $64.1M |
| Active participants, start / end of year | 585 / 596 |
| Participants with account balances | 690 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Crowe LLP |
| Employer stock held by plan | $15,163,919 |
Largest service providers (Schedule C)
| The Vanguard Group, Inc. | $28,429 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250725132539NAL0005901089001, received 2025-07-25, EIN 94-2156203, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.