Dime Community Bank 401(k) Review & Grade
Dime Community Bank 401(k) Plan
Hauppauge, NYFinance & Insurance868 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$3,254Employer $ per active participant
$7,729Employee $ saved per active participant
0.17%Direct admin cost, % of plan assets
$103.8MNet plan assets, end of year
$86,219Average balance per account
Score breakdown
- Employer generosity21.9 / 5044th percentile for employer $ per participant
- Low cost15.1 / 2560th percentile for low admin cost vs. same-size plans
- Employee saving8.5 / 1557th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score53 / 100 · Grade C
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 44th |
| Lower admin cost | 60th |
| Employee saving | 57th |
| Peers that auto-enroll | 62% |
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Red flags from the filing
Corrective distributions: the plan refunded $872 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Dime Community Bank put in about $3,254 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 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 | $2,826,417 |
| Participant (employee) contributions | $6,712,359 |
| Other contributions (incl. rollovers in) | $3,846,119 |
| Administrative expenses paid from the plan | $161,291 |
| Benefits paid out | $14,478,545 |
| Net assets, start / end of year | $91.5M / $103.8M |
| Active participants, start / end of year | 852 / 885 |
| Participants with account balances | 1,204 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Nawrocki Smith LLP |
| Employer stock held by plan | $6,612,429 |
Largest service providers (Schedule C)
| Transamerica Retirement Solutions | $146,292 reported compensation |
| Nawrocki Smith LLP | $15,000 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250821152715NAL0002150083001, received 2025-08-21, EIN 11-2934194, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.