Plan Snapshot
- Plan Sponsor: Ocean Bank
- Sponsor EIN: 592237280
- Sponsor Address: 780 NW 42ND AVENUE,, MIAMI, FL, 331265597
- Plan Type: 401(k)
- Total Participants: 672
- Total Assets: $107.4M
Key Plan Design Features
- Auto-Enrollment: Yes
- Auto-Escalation: No
- Allows Roth Contributions: Yes
- Participant Loans: Yes
- 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 | 672 | $107.4M | $1.9M | $5.3M |
| 2023 | 653 | $95.4M | $1.8M | $4.9M |
| 2022 | 645 | $88.5M | $1.6M | $4.5M |
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 |
|---|---|---|---|---|
| CROWE LLP | Auditor | $17,045 | — | $17,045 |
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $17,045
- Estimated Expense Ratio: 0.016% 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 | $159,008 | $59,568 | — | $17,045 | — |
| 2023 | $132,032 | $43,457 | — | $11,539 | — |
| 2022 | $140,813 | $27,966 | — | — | $39,073 |