Valley National Bank 401(k) Review & Grade
Valley National Bank Savings and Investment Plan
Morristown, NJFinance & Insurance3,718 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$4,171Employer $ per active participant
$8,131Employee $ saved per active participant
0.06%Direct admin cost, % of plan assets
$662.6MNet plan assets, end of year
$116,600Average balance per account
Score breakdown
- Employer generosity23.7 / 5047th percentile for employer $ per participant
- Low cost19.0 / 2576th percentile for low admin cost vs. same-size plans
- Employee saving6.9 / 1546th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score50 / 100 · Grade C
This plan vs. peers
Peers: Finance & Insurance plans with 2,500–9,999 active participants (199 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 47th |
| Lower admin cost | 76th |
| Employee saving | 46th |
| Peers that auto-enroll | 66% |
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Red flags from the filing
Corrective distributions: the plan refunded $278 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Valley National Bank put in about $4,171 per active participant, below the typical peer ($4,489). 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.
- 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 | $15,510,359 |
| Participant (employee) contributions | $30,234,702 |
| Other contributions (incl. rollovers in) | $5,353,454 |
| Administrative expenses paid from the plan | $342,216 |
| Contract administrator fees | $300 |
| Investment advisory & management fees | $123,587 |
| Other admin expenses | $10,527 |
| Benefits paid out | $67,472,437 |
| Net assets, start / end of year | $578.8M / $662.6M |
| Active participants, start / end of year | 3,741 / 3,696 |
| Participants with account balances | 5,683 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Baker Tilly US, Llpllp |
| Employer stock held by plan | $6,442,787 |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $208,102 reported compensation |
| Strategic Advisors, Inc. | $123,587 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251009070237NAL0015412722001, received 2025-10-09, EIN 22-1186387, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.