TIAA, FSB to Be Known As Everbank 401(k) match, vesting and fees
What TIAA, FSB to Be Known As Everbank's 401(k) plan says about matching contributions
The Employer will make a matching contribution to the Plan each payroll period of 100% of elective deferrals up to 3% of eligible compensation. Effective December 29, 2024, the Plan was amended to make a matching contribution to the Plan each payroll period of 100% of elective deferrals up to 4% 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. 31 ↗ |
| Match vesting | Participants are immediately vested in their deferral contributions plus earnings thereon. A participant is 100% vested in their Employer matching contributions account after the completion of three years of credited service. Notwithstanding the above, a participant is fully vested upon reaching normal retirement age, death, or disability. | Audit report, p. 32 ↗ |
| Automatic enrollment | The Plan includes an auto-enrollment provision whereby all newly eligible employees are automatically enrolled in the Plan unless they affirmatively elect not to participate in the Plan. The Plan includes an auto increase provision where the deferral percentage will increase 1% on the anniversary date of the participant’s autoenrollment date up to 10%. | Audit report, p. 31 ↗ |
| Roth contributions | Eligible participants are permitted to elect to have percentage, limited by Plan provisions, of their compensation contributed as pre-tax 401(k) or Roth contributions to the Plan. | Audit report, p. 31 ↗ |
| Loans | Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50% of their vested account balance. | Audit report, p. 32 ↗ |
| Recordkeeper | Empower Annuity Insurance Company O | Schedule C ↗ |
| Independent auditor | Cliftonlarsonallen LLP (unmodified opinion, limited scope) | Schedule H ↗ |
| Plan type and status | 401(k) · Active | Form 5500 ↗ |
| Late participant contributions | Reported on the filing | Schedule H ↗ |
All rows are from the plan year 2024 filing; plan features from its audit report.
How the plan compares
Plan year 2024 medians for 673 defined-contribution plans in finance and insurance with 1,000 to 4,999 participants.
| TIAA, FSB to Be Known As Everbank: employer contribution per participant | $3,144 | |
| Peer median | $2,966 |
| TIAA, FSB to Be Known As Everbank: average balance | $26,576 | |
| Peer median | $104,792 |
| TIAA, FSB to Be Known As Everbank: admin expenses ÷ assets | 0.79% | |
| Peer median | 0.10% |
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 $16.7M at the end of plan year 2023 to $42.9M at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 1,667 | $42.9M | $5.1M | $3,144 | 0.79% | Quoted in the audit report, p. 31 ↗ | Form 5500 ↗ |
| 2023 | 1,529 | $16.7M | $1.7M | $1,169 | 0.37% | Not published | Form 5500 ↗ |
Common questions
Does TIAA, FSB to Be Known As Everbank match 401(k) contributions?
The audit report attached to the Everbank, N.A. 401(k) Plan's plan year 2024 Form 5500, page 31 says: “The Employer will make a matching contribution to the Plan each payroll period of 100% of elective deferrals up to 3% of eligible compensation. Effective December 29, 2024, the Plan was amended to make a matching contribution to the Plan each payroll period of 100% of elective deferrals up to 4% of eligible compensation.” Plan terms may have changed; check your current Summary Plan Description.
When is the TIAA, FSB to Be Known As Everbank 401(k) match vested?
The audit report attached to the plan year 2024 Form 5500, page 32 says: “Participants are immediately vested in their deferral contributions plus earnings thereon. A participant is 100% vested in their Employer matching contributions account after the completion of three years of credited service. Notwithstanding the above, a participant is fully vested upon reaching normal retirement age, death, or disability.”
Who manages the TIAA, FSB to Be Known As Everbank 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is Empower Annuity Insurance Company O. The plan administrator is Mercer Investments, LLC.
I left TIAA, FSB to Be Known As Everbank. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Mercer Investments, LLC, (617) 747-9500) or the recordkeeper, Empower Annuity Insurance Company O. The TIAA, FSB to Be Known As Everbank old 401(k) page lists the contacts from every plan filing. Find an old TIAA, FSB to Be Known As Everbank 401(k)
Data from the public Form 5500 annual reports TIAA, FSB to Be Known As Everbank filed with the U.S. Department of Labor (plan years 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 TIAA, FSB to Be Known As Everbank. Not financial advice. Report a correction · Methodology