TBC 401(k) match, vesting and fees
What TBC's 401(k) plan says about matching contributions
The Plan provides a safe harbor matching contribution each payroll period equal to 100% of the first 4% of salary deferral contributions, plus 50% of the next 2% of salary deferral contributions up to a maximum safe harbor matching contribution of 5% of eligible compensation.
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. 34 ↗ |
| Match vesting | Participants are immediately vested in their elective salary deferral and Participating Employer contributions and actual earnings (losses) thereon. | Audit report, p. 34 ↗ |
| Automatic enrollment | (8) Subsequent event Effective January 1, 2025, the Plan was amended to include an automatic elective deferral feature of 2% as well as an annual escalation. The elective percentage will be increased by 1% each year up to a maximum of 6%. | Audit report, p. 39 ↗ |
| Roth contributions | Participants may voluntarily make qualified retirement contributions to the Plan which are deductible by the participants for federal income tax purposes under Section 401(k) of the Internal Revenue Code ("IRC") or can be made after tax in the form of a Roth contribution. | Audit report, p. 34 ↗ |
| Loans | Each participant may borrow from his or her fund accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50% of his or her account balance. The loans are secured by the balances in the respective participants' accounts and bear interest at fixed rates ranging from 4.25% to 9.50% at December 31, 2024, which are calculated at the prime rate plus one percent. | Audit report, p. 35 ↗ |
| Recordkeeper | Transamerica Retirement Solutions | Schedule C ↗ |
| Independent auditor | Lbmc PC (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 479 defined-contribution plans in retail trade with 1,000 to 4,999 participants.
| TBC: employer contribution per participant | $1,737 | |
| Peer median | $1,023 |
| TBC: average balance | $75,072 | |
| Peer median | $43,395 |
| TBC: admin expenses ÷ assets | 0.13% | |
| Peer median | 0.23% |
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 $249M at the end of plan year 2021 to $232M at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 4,241 | $232M | $5.4M | $1,737 | 0.13% | Quoted in the audit report, p. 34 ↗ | Form 5500 ↗ |
| 2023 | 4,354 | $222M | $5.5M | $1,720 | 0.11% | Not published | Form 5500 ↗ |
| 2022 | 4,374 | $206M | $6.3M | $1,924 | 0.17% | Not published | Form 5500 ↗ |
| 2021 | 4,280 | $249M | $6.7M | $2,006 | 0.16% | Not published | Form 5500 ↗ |
Common questions
Does TBC match 401(k) contributions?
The audit report attached to the Tbc Corporation Safe Harbor 401(k) Plan's plan year 2024 Form 5500, page 34 says: “The Plan provides a safe harbor matching contribution each payroll period equal to 100% of the first 4% of salary deferral contributions, plus 50% of the next 2% of salary deferral contributions up to a maximum safe harbor matching contribution of 5% of eligible compensation.” Plan terms may have changed; check your current Summary Plan Description.
When is the TBC 401(k) match vested?
The audit report attached to the plan year 2024 Form 5500, page 34 says: “Participants are immediately vested in their elective salary deferral and Participating Employer contributions and actual earnings (losses) thereon.”
Who manages the TBC 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is Transamerica Retirement Solutions. The plan administrator is Tbc Corporation.
I left TBC. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Tbc Corporation, (561) 383-3000) or the recordkeeper, Transamerica Retirement Solutions. The TBC old 401(k) page lists the contacts from every plan filing. Find an old TBC 401(k)
Data from the public Form 5500 annual reports TBC 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 TBC. Not financial advice. Report a correction · Methodology