Ocean Bank 401(k) Review & Grade
Ocean Bank 401(k) Savings Plan
Miami, FLFinance & Insurance660 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$2,896Employer $ per active participant
$8,026Employee $ saved per active participant
0.16%Direct admin cost, % of plan assets
$107.4MNet plan assets, end of year
$132,223Average balance per account
Score breakdown
- Employer generosity18.5 / 5037th percentile for employer $ per participant
- Low cost15.5 / 2562th percentile for low admin cost vs. same-size plans
- Employee saving9.1 / 1561th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
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 | 37th |
| Lower admin cost | 62th |
| Employee saving | 61th |
| Peers that auto-enroll | 62% |
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Red flags from the filing
No red flags were reported on this filing's compliance questions.
What to do if you're in this plan
- Ocean Bank put in about $2,896 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 | $1,912,698 |
| Participant (employee) contributions | $5,300,944 |
| Other contributions (incl. rollovers in) | $505,794 |
| Administrative expenses paid from the plan | $159,008 |
| Investment advisory & management fees | $59,568 |
| Other admin expenses | $301 |
| Benefits paid out | $5,605,726 |
| Net assets, start / end of year | $95.4M / $107.4M |
| Active participants, start / end of year | 649 / 672 |
| Participants with account balances | 812 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Crowe LLP |
Largest service providers (Schedule C)
| T Rowe Price RPS Inc | $82,094 reported compensation |
| Aon | $59,568 reported compensation |
| Crowe LLC | $17,045 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250923100732NAL0007814691001, received 2025-09-23, EIN 59-2237280, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.