Oceanfirst Bank 401(k) Review & Grade
Retirement Plan for Oceanfirst Bank
Toms River, NJFinance & Insurance890 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$2,574Employer $ per active participant
$7,554Employee $ saved per active participant
0.23%Direct admin cost, % of plan assets
$109.6MNet plan assets, end of year
$86,170Average balance per account
Score breakdown
- Employer generosity15.8 / 5032th percentile for employer $ per participant
- Low cost12.4 / 2550th percentile for low admin cost vs. same-size plans
- Employee saving8.3 / 1555th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score47 / 100 · Grade C
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 32th |
| Lower admin cost | 50th |
| Employee saving | 55th |
| Peers that auto-enroll | 62% |
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Red flags from the filing
No red flags were reported on this filing's compliance questions.
What to do if you're in this plan
- Oceanfirst Bank put in about $2,574 per active participant, below the typical peer ($3,606). Any match is still an instant return, so contribute enough to get all of it.
- The filing shows total dollars, not the match formula. Ask HR for the Summary Plan Description so you know the exact match and vesting schedule.
- Fund expense ratios aren't in the filing. Look them up in your 404(a)(5) fee disclosure and favor low-cost index or target-date funds.
- The plan auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- Changing jobs? You can usually leave the money in the plan, move it to your new employer's plan, or roll it into an IRA. Don't cash out: you'd owe taxes and possibly a 10% penalty.
The raw numbers from the filing
| Employer contributions | $2,292,376 |
| Participant (employee) contributions | $6,727,101 |
| Other contributions (incl. rollovers in) | $597,524 |
| Administrative expenses paid from the plan | $241,212 |
| Benefits paid out | $11,048,191 |
| Net assets, start / end of year | $98.3M / $109.6M |
| Active participants, start / end of year | 901 / 880 |
| Participants with account balances | 1,272 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Forvis Mazars, LLP |
| Employer stock held by plan | $4,822,883 |
Largest service providers (Schedule C)
| Transamerica Retirement Solutions | $201,692 reported compensation |
| Mazars USA LLP | $39,520 reported compensation |
| National Financial Services | $0 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250715114450NAL0001568675001, received 2025-07-15, EIN 21-0607451, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.