Retirement plan

NORTHWEST BANK 401(K) PLAN

Name: NORTHWEST BANK - NORTHWEST BANK 401(K) PLAN (2024) Form 5500
Creator: NORTHWEST BANK
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, NORTHWEST BANK 401(K) PLAN, NORTHWEST BANK

NORTHWEST BANKEIN 23-2790930Plan #002PY 2024

100 LIBERTY STREET, PO BOX 128 - WARREN, PA 16365888-588-3053northwest.bankLinkedIn1001-5000 employeesbanking

Other plans on this EIN

1 filing

#001Retirement-$219.6M assets

Prospect flagsLow returnsCorrective distributions

How to read this page

Total assets (EOY)

$259.4M

+4.4% from 2023

Total participants

2,920

-14.7% from 2023

Average account balance

$105,634

+25.9% from 2023

Annual return

12.98%

+2.45 pp from 2023

Benchmarks

See 609 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants1,000-4,999

Cohort609 peers

Snapshot2024

Free accounts unlock saves, downloads, and 3-year history.

Analytics

Total assets (EOY)

Plan-year ending balance

$259.44M

Not enough data

1 years with asset history on file

Average account balance

Total assets / participants with a balance (line 6g)

$106K

Not enough data

1 years with per-participant data

Participants with account balance

Stacked by status: active / separated vested / retired or beneficiary. Total = line 6g.

2,456

Not enough data

1 years with headcount on file

Eligible Participants and Participation

Bars: eligible actives (line 6a). Line: derived rate = active employees with a balance / 6a.

77.2%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$15.05M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$7K

Not enough data

1 years with per-participant contribution data

Asset flow

BOY + contributions + return - distributions = EOY

Year

Annual return

Diverging bars; negative years highlighted

+12.98%

Not enough data

1 years with return on file

Admin fee / account holder

Total admin expenses / participants with a balance (line 6g)

$103

Not enough data

1 years with admin cost on file

Asset composition

Cash / stocks / bonds / mutual funds / real estate / loans over time

Not enough data

1 years with F_SCH_H allocation on file

Free accounts unlock saves, downloads, and 3-year history.

Service providers

Top 2 by compensation

Provider	Service type	Compensation
NORTHWEST BANK8 years Service code 21 · EIN 23-2790930	Bank Trustee	$133,481
EPIC RETIREMENT PLAN SERVICES4 years Service code 15 · EIN 16-1450952	Recordkeeping	$120,577

Plan features & details

Pension benefit codes2E2F2G2J2K2T2O

Plan features

2E
Profit-sharing
Profit-sharing plan.
2F
ERISA section 404(c) plan
This plan or any part of it is intended to meet the conditions of 29 CFR 2550.404c-1 (shifting investment responsibility to participants).
2G
Total participant-directed account plan
Participants have the opportunity to direct the investment of all of the assets allocated to their individual accounts regardless of whether 29 CFR 2550.404c-1 is intended to be met.
2J
Code section 401(k) feature
Cash or deferred arrangement described in Code section 401(k) that is part of a qualified defined contribution plan under which employees may elect to defer part of their compensation or receive these amounts in cash.
2K
Code section 401(m) arrangement
Employee contributions are allocated to separate accounts under the plan or employer contributions are based in whole or in part on employee deferrals or contributions to the plan. Not applicable to 401(k) plans with only QNECs and/or QMACs or to 403(b)(1) 403(b)(7) or 408 arrangements.
2O
ESOP other than a leveraged ESOP
Employee stock ownership plan that is not leveraged.
2T
Default investment account
Total or partial participant-directed account plan where plan uses a default investment account for participants who fail to direct assets in their account.

Opportunity flags

2 tripped

OpportunityLow returns
Annual investment return is in the bottom quintile of the peer cohort.
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$254K

$125 / participant

Recordkeeping$121K47.5%
Trustee / custodial$133K52.5%

% of EOY assets

0.098%

all-in expense ratio

Categories reported

2 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: FREED MAXICK, P.C.
Auditor EIN: 454051133
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$105,634

$122,596-13.8%

$184,243-42.7%

$199,921-47.2%

Participation rate

77.2%

86.9%-9.8pp

86.8%-9.7pp

72.0%+5.2pp

Annual return

12.98%

144.14%-131.2pp

28.82%-15.8pp

34.28%-21.3pp

Employer contribution / active EE

$2,333

$4,570-48.9%

$6,427-63.7%

$3,035-23.1%

Participant deferral / active EE

$5,074

$7,972-36.4%

$9,132-44.4%

$5,089-0.3%

Admin fee / account holder

$103

$120-14.1%

$13,914-99.3%

$269-61.6%

Provider

Service type

Compensation

NORTHWEST BANK8 years

Service code 21 · EIN 23-2790930

Bank Trustee

$133,481

EPIC RETIREMENT PLAN SERVICES4 years

Service code 15 · EIN 16-1450952

Recordkeeping

$120,577

NORTHWEST BANK 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

NORTHWEST BANK 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

Benchmarks

Service providers

Opportunity flags

Expense breakdown

Audit opinion

Benchmarks

Service providers

Opportunity flags

Expense breakdown

Audit opinion