Sea Island 401(k) match, vesting and fees
What Sea Island's 401(k) plan says about matching contributions
The Company may make matching contributions. For the year ended December 31, 2024, the Company made matching contributions of $1,043,226.
Quoted directly from the filing. Plan terms may have changed; check your current Summary Plan Description.
Plan features
Indented passages are quoted word for word from the audit report; plan terms may have changed since, so check your current Summary Plan Description.
| Employer match | Quoted from the filing above | Audit report, p. 27 ↗ |
| Match vesting | D. Vesting. Participants are vested immediately in their contributions plus actual earnings thereon. Vesting in the Company contributions and earnings thereon is based on years of credited service. Participants are fully vested in their accounts after five years of service, as defined by the Plan. | Audit report, p. 27 ↗ |
| Automatic enrollment | Effective January 1, 2024, the Plan included an automatic enrollment provision applicable to newly hired employees. Under this provision, eligible employees hired after December 31, 2023 are automatically enrolled at a 3% salary deferral rate whereby employees must elect out of the Plan if they do not wish to participate. | Audit report, p. 27 ↗ |
| Recordkeeper | Nationwide | Schedule C ↗ |
| Independent auditor | Mstiller, LLC (unmodified opinion, limited scope) | Schedule H ↗ |
| Plan type and status | 401(k) · Active | Form 5500 ↗ |
All rows are from the plan year 2024 filing; plan features from its audit report.
How the plan compares
Plan year 2024 medians for 166 defined-contribution plans in accommodation and food services with 1,000 to 4,999 participants.
| Sea Island: employer contribution per participant | $906 | |
| Peer median | $785 |
| Sea Island: average balance | $37,979 | |
| Peer median | $30,242 |
| Sea Island: admin expenses ÷ assets | 0.33% | |
| Peer median | 0.37% |
Admin expenses are the plan's reported administrative expenses divided by its assets; they do not include fund expense ratios.
Plan history
Plan assets went from $34.1M at the end of plan year 2021 to $43.8M at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 3,818 | $43.8M | $1M | $906 | 0.33% | Quoted in the audit report, p. 27 ↗ | Form 5500 ↗ |
| 2023 | 2,454 | $36M | $952K | $1,097 | 0.35% | Not published | Form 5500 ↗ |
| 2022 | 2,283 | $30.2M | $898K | $977 | 0.26% | Not published | Form 5500 ↗ |
| 2021 | 1,189 | $34.1M | $884K | $1,043 | 0.43% | Not published | Form 5500 ↗ |
Common questions
Does Sea Island match 401(k) contributions?
The audit report attached to the Sea Island 401(k) Savings Plan's plan year 2024 Form 5500, page 27 says: “The Company may make matching contributions. For the year ended December 31, 2024, the Company made matching contributions of $1,043,226.” Plan terms may have changed; check your current Summary Plan Description.
When is the Sea Island 401(k) match vested?
The audit report attached to the plan year 2024 Form 5500, page 27 says: “D. Vesting. Participants are vested immediately in their contributions plus actual earnings thereon. Vesting in the Company contributions and earnings thereon is based on years of credited service. Participants are fully vested in their accounts after five years of service, as defined by the Plan.”
Who manages the Sea Island 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is Nationwide. The plan administrator is Sea Island Company LLC.
I left Sea Island. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Sea Island Company LLC, (912) 638-5842) or the recordkeeper, Nationwide. The Sea Island old 401(k) page lists the contacts from every plan filing. Find an old Sea Island 401(k)
Data from the public Form 5500 annual reports Sea Island filed with the U.S. Department of Labor (plan years 2021 and 2022 and 2023 and 2024) and, where noted, the attached independent auditor's report. Plan terms may have changed since the filing; check your current Summary Plan Description. PlanFacts is not affiliated with Sea Island. Not financial advice. Report a correction · Methodology