Plan Snapshot
- Plan Sponsor: Grove Bank & Trust
- Sponsor EIN: 590199400
- Sponsor Address: 2701 SOUTH BAYSHORE DRIVE, MIAMI, FL, 33133
- Plan Type: 401(k)
- Total Participants: 108
- Total Assets: $9.6M
Key Plan Design Features
- Auto-Enrollment: Yes
- Auto-Escalation: No
- Allows Roth Contributions: No
- Participant Loans: No
- Participant-Directed Investments: Yes
- ERISA Section 404(c) Fiduciary Safe Harbor: Yes
Plan Financials by Year
| Year | Participants | Total Assets | Employer Contrib. | Employee Contrib. |
|---|---|---|---|---|
| 2024 | 108 | $9.6M | $476,834 | $858,439 |
| 2023 | 102 | $8.6M | $442,774 | $864,591 |
| 2022 | 108 | $8.9M | $417,010 | $866,909 |
Service Providers (Schedule C)
Vendors paid $5,000 or more for services to the plan, ranked by total compensation (direct + indirect fees).
| Provider Name | Role | Direct Compensation | Indirect Compensation | Total Fees |
|---|---|---|---|---|
| EMPOWER ANNUITY INSURANCE COMPANY | Recordkeeper | $25,532 | — | $25,532 |
| ONEDIGITAL INVESTMENT ADVISORS LLC | Investment Advisor | $22,822 | — | $22,822 |
| DEFINITI LLC | Other Service Provider | $7,575 | $9,128 | $16,703 |
Verified Provider Profiles
Direct links to verified profiles of matched retirement plan providers on PlanProvider.Pro:
- ONEDIGITAL INVESTMENT ADVISORS LLC — Investment Advisor
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $65,057
- Estimated Expense Ratio: 0.678% of plan assets
Historical Administrative Expenses
Breakdown of administrative expense categories reported on Form 5500 filings.
| Year | Total Admin Expenses | Investment Mgmt Fees | Contract Admin Fees | IQPA Audit Fees | Professional Fees |
|---|---|---|---|---|---|
| 2024 | $62,039 | $24,978 | $11,529 | — | — |
| 2023 | $58,787 | $23,998 | $12,123 | — | — |
| 2022 | $62,022 | $52,612 | $9,410 | — | — |