Plan Snapshot
- Plan Sponsor: Valley National Bank
- Sponsor EIN: 221186387
- Sponsor Address: 70 SPEEDWELL AVE, MORRISTOWN, NJ, 07960
- Plan Type: 401(k)
- Total Participants: 3,696
- Total Assets: $662.7M
Key Plan Design Features
- Auto-Enrollment: Yes
- Auto-Escalation: No
- Allows Roth Contributions: No
- 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 | 3,696 | $662.7M | $15.5M | $30.2M |
| 2023 | 3,741 | $579.0M | $15.9M | $30.0M |
| 2022 | 3,489 | $484.8M | $12.8M | $23.4M |
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 |
|---|---|---|---|---|
| FIDELITY INVESTMENTS INSTITUTIONAL | RECORDKEEPER | $208,102 | — | $208,102 |
| STRATEGIC ADVISORS, INC. | ADVISOR | $123,587 | — | $123,587 |
| BAKER TILLY US, LLPLLP | Auditor | — | — | $0 |
Verified Provider Profiles
Direct links to verified profiles of matched retirement plan providers on PlanProvider.Pro:
- FIDELITY INVESTMENTS INSTITUTIONAL — RECORDKEEPER
- STRATEGIC ADVISORS, INC. — ADVISOR
- BAKER TILLY US, LLPLLP — Auditor
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $331,689
- Estimated Expense Ratio: 0.050% 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 | $342,216 | $123,587 | $300 | — | — |
| 2023 | $362,793 | $86,522 | $600 | — | — |
| 2022 | $382,008 | $82,525 | — | — | — |