Retirement plan

WASHINGTON FEDERAL 401(K) AND EMPLOYEE STOCK OWNERSHIP PLAN AND TRUST

Name: WASHINGTON FEDERAL - WASHINGTON FEDERAL 401(K) AND EMPLOYEE STOCK OWNERSHIP PLAN AND TRUST (2016) Form 5500
Creator: WASHINGTON FEDERAL
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, WASHINGTON FEDERAL 401(K) AND EMPLOYEE STOCK OWNERSHIP PLAN AND TRUST, WASHINGTON FEDERAL

WASHINGTON FEDERALEIN 91-0135860Plan #001PY 2016

425 PIKE STREET - SEATTLE, WA 98101206-777-8230

Prospect flagsHigh cashLow participant contributionCorrective distributions

Top hat statement on fileNQDC

Filed December 23, 2022

Plan administrator

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425 Pike Street

Seattle, WA 98101

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Plans declared (1)

WaFd Deferred Compensation Plan19 emp

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Total assets (EOY)

$118M

+7.6% from 2015

Total participants

2,056

-10.9% from 2015

Average account balance

$57,629

+21.2% from 2015

Annual return

10.49%

+8.52 pp from 2015

Benchmarks

See 529 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants1,000-4,999

Cohort529 peers

Snapshot2016

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

Analytics

Total assets (EOY)

Plan-year ending balance

$225.21M

Not enough data

1 years with asset history on file

Average account balance

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

$83K

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.

2,701

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.

96.4%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$21.46M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$10K

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

+18.52%

Not enough data

1 years with return on file

Admin fee / account holder

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

$136

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

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Service providers

Top 7 by compensation

Provider	Service type	Compensation
NEWPORT GROUP, INC.1 year Service code 12 · EIN 27-2037969	Recordkeeping fees; Participant loan ...	$151,313
CONOVER CAPITAL MANAGEMENT2+ years Service code 27 P.O. BOX 3299 · KIRKLAND, WA 980833299	Advisory (Plan)	$50,000
NEWPORT GROUP, INC.1 year Filed as: NEWPORT TRUST COMPANY Service code 12 · EIN 27-4411131	Account maintenance fees; Custodial (...	$41,874
THORSON BARNETT & MCDONALD, P.C.2+ years Service code 29 3315 TWO UNION SQUARE · SEATTLE, WA 98101	Legal	$29,483
MOSS ADAMS LLP2+ years Filed as: MOSS ADAMS, LLP Service code 10 · EIN 91-0189318	Accounting	$25,963
MORGAN STANLEY SMITH BARNEY1 year Filed as: MORGAN STANLEY BANK Service code 33 · EIN 36-3707380	Securities brokerage; Other services;...	$10,907
MORGAN STANLEY SMITH BARNEY1 year Filed as: MORGAN STANLEY BANK N.A. Service code 33	Securities brokerage; Other services;...	$0

Plan features & details

Pension benefit codes2E2F2H2J2S2T3H

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).
2H
Partial participant-directed account plan
Participants have the opportunity to direct the investment of a portion 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.
2S
Automatic enrollment
Plan provides for automatic enrollment in plan that has elective contributions deducted from payroll.
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.
3H
Controlled group member
Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b) (c) or (m)).

Opportunity flags

3 tripped

OpportunityLow participant contribution
Participant contribution per participant is in the bottom quintile of the peer cohort.
OpportunityHigh cash
More than 10% of assets are held in cash - possible menu-design or default-fund problem.
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$262K

$182 / participant

Investment mgmt$50K19.1%
Contract admin$157K59.8%
Other / not subdivided$56K21.2%

% of EOY assets

0.222%

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: MOSS ADAMS, LLC
Auditor EIN: 910189318
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$57,629

$80,354-28.3%

$133,975-57.0%

$63,975-9.9%

Participation rate

99.4%

87.5%+11.9pp

87.1%+12.4pp

71.1%+28.3pp

Annual return

10.49%

13.11%-2.6pp

29.29%-18.8pp

48.65%-38.2pp

Employer contribution / active EE

$4,213

$3,503+20.3%

$5,211-19.2%

$2,182+93.1%

Participant deferral / active EE

$2,908

$5,239-44.5%

$6,282-53.7%

$3,356-13.4%

Admin fee / account holder

$128

$69+84.9%

$9,324-98.6%

$70+81.9%

Provider

Service type

Compensation

NEWPORT GROUP, INC.1 year

Service code 12 · EIN 27-2037969

Recordkeeping fees; Participant loan ...

$151,313

CONOVER CAPITAL MANAGEMENT2+ years

Service code 27

P.O. BOX 3299 · KIRKLAND, WA 980833299

Advisory (Plan)

$50,000

NEWPORT GROUP, INC.1 year

Filed as: NEWPORT TRUST COMPANY

Service code 12 · EIN 27-4411131

Account maintenance fees; Custodial (...

$41,874

THORSON BARNETT & MCDONALD, P.C.2+ years

Service code 29

3315 TWO UNION SQUARE · SEATTLE, WA 98101

Legal

$29,483

MOSS ADAMS LLP2+ years

Filed as: MOSS ADAMS, LLP

Service code 10 · EIN 91-0189318

Accounting

$25,963

MORGAN STANLEY SMITH BARNEY1 year

Filed as: MORGAN STANLEY BANK

Service code 33 · EIN 36-3707380

Securities brokerage; Other services;...

$10,907

MORGAN STANLEY SMITH BARNEY1 year

Filed as: MORGAN STANLEY BANK N.A.

Service code 33

Securities brokerage; Other services;...

WASHINGTON FEDERAL 401(K) AND EMPLOYEE STOCK OWNERSHIP PLAN AND TRUST

Top hat statement on fileNQDC

Plan administrator

Plans declared (1)

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

WASHINGTON FEDERAL 401(K) AND EMPLOYEE STOCK OWNERSHIP PLAN AND TRUST

Top hat statement on fileNQDC

Plan administrator

Plans declared (1)

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