Seacoast National Bank 401(k) match, vesting and fees
What Seacoast National Bank's 401(k) plan says about matching contributions
Employer Contributions: The Plan was amended effective January 1, 2014 to become a safe harbor plan and provide a safe harbor match contribution. The matching contribution is subject to certain eligibility requirements as defined by the Plan and is equal to 100% of the first 3% of base compensation and 50% of the next 2% of base compensation that a participant contributes to the Plan for the year ended December 31, 2024.
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 | 2024 audit report, p. 28 ↗ |
| Match vesting | Vesting: Participants are immediately vested in their voluntary contributions and the Employer matching contribution. Discretionary retirement and non-elective profit sharing contributions vest at a rate of 25% per year of service. If a participant retires, dies or becomes disabled the participant’s account becomes 100% vested. | 2024 audit report, p. 28 ↗ |
| Automatic enrollment | The Plan includes an automatic contribution arrangement that applies to new participants or rehired participants. Plan participant salary deferrals less than 6% are automatically increased 1% at the beginning of each plan year until the 6% threshold is met. | 2024 audit report, p. 28 ↗ |
| Roth contributions | Participants can also elect to make Roth 401(k) contributions to the Plan by means of payroll deductions. | 2024 audit report, p. 28 ↗ |
| Loans | The Plan, which has subsequently been amended and restated in order to continue the qualification of the Plan under Internal Revenue Service (“IRS”) regulations, permits employees to make salary deferrals, provide employer matching contributions and includes loan provisions. | 2024 audit report, p. 28 ↗ |
| Recordkeeper | Oneamerica Retirement Services, LLC | 2025 Schedule C ↗ |
| Independent auditor | Crowe LLP (unmodified opinion) | 2025 Schedule H ↗ |
| Plan type and status | 401(k) · Active | 2025 Form 5500 ↗ |
Match, vesting and other plan features are from the plan year 2024 filing's audit report (the latest one extracted so far). Rows cited to the Form 5500 and its schedules are from the plan year 2025 filing.
How the plan compares
Plan year 2025 medians for 214 defined-contribution plans in finance and insurance with 1,000 to 4,999 participants.
| Seacoast National Bank: employer contribution per participant | $2,380 | |
| Peer median | $3,266 |
| Seacoast National Bank: average balance | $77,905 | |
| Peer median | $137,177 |
| Seacoast National Bank: admin expenses ÷ assets | 0.16% | |
| Peer median | 0.08% |
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 $101M at the end of plan year 2021 to $178M at the end of plan year 2025.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2025 | 2,358 | $178M | $5.5M | $2,380 | 0.16% | Not published | Form 5500 ↗ |
| 2024 | 1,814 | $134M | $5.5M | $3,045 | 0.20% | Quoted in the audit report, p. 28 ↗ | Form 5500 ↗ |
| 2023 | 1,893 | $118M | $4.9M | $2,571 | 0.19% | Not published | Form 5500 ↗ |
| 2022 | 1,876 | $87.9M | $3.5M | $1,855 | 0.28% | Not published | Form 5500 ↗ |
| 2021 | 1,253 | $101M | $3M | $2,429 | 0.19% | Not published | Form 5500 ↗ |
Common questions
Does Seacoast National Bank match 401(k) contributions?
The audit report attached to the Retirement Savings Plan for Employees of Seacoast National Bank's plan year 2024 Form 5500, page 28 says: “Employer Contributions: The Plan was amended effective January 1, 2014 to become a safe harbor plan and provide a safe harbor match contribution. The matching contribution is subject to certain eligibility requirements as defined by the Plan and is equal to 100% of the first 3% of base compensation and 50% of the next 2% of base compensation that a participant contributes to the Plan for the year ended December 31, 2024.” Plan terms may have changed; check your current Summary Plan Description.
When is the Seacoast National Bank 401(k) match vested?
The audit report attached to the plan year 2024 Form 5500, page 28 says: “Vesting: Participants are immediately vested in their voluntary contributions and the Employer matching contribution. Discretionary retirement and non-elective profit sharing contributions vest at a rate of 25% per year of service. If a participant retires, dies or becomes disabled the participant’s account becomes 100% vested.”
Who manages the Seacoast National Bank 401(k)?
The recordkeeper listed on Schedule C of the plan year 2025 filing is Oneamerica Retirement Services, LLC. The plan administrator is The Pension & Ps Comm of the Ret Svgs Plan for the Ees of Seacoast.
I left Seacoast National Bank. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (The Pension & Ps Comm of the Ret Svgs Plan for the Ees of Seacoast, (561) 287-4000) or the recordkeeper, Oneamerica Retirement Services, LLC. The Seacoast National Bank old 401(k) page lists the contacts from every plan filing. Find an old Seacoast National Bank 401(k)
Data from the public Form 5500 annual reports Seacoast National Bank filed with the U.S. Department of Labor (plan years 2021 and 2022 and 2023 and 2024 and 2025) 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 Seacoast National Bank. Not financial advice. Report a correction · Methodology