Provident Bank 401(k) Review & Grade
Lakeland Bancorp, Inc. Salary Savings 401(k) Plan and Trust
Iselin, NJFinance & Insurance740 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$2,613Employer $ per active participant
$8,410Employee $ saved per active participant
0.13%Direct admin cost, % of plan assets
$107.5MNet plan assets, end of year
$116,106Average balance per account
Score breakdown
- Employer generosity16.1 / 5032th percentile for employer $ per participant
- Low cost16.6 / 2566th percentile for low admin cost vs. same-size plans
- Employee saving9.8 / 1565th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score53 / 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 | 66th |
| Employee saving | 65th |
| 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
- Provident Bank put in about $2,613 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 | $1,932,629 |
| Participant (employee) contributions | $6,219,302 |
| Other contributions (incl. rollovers in) | $500,125 |
| Administrative expenses paid from the plan | $143,931 |
| Contract administrator fees | $121,701 |
| Investment advisory & management fees | $22,230 |
| Benefits paid out | $22,897,755 |
| Net assets, start / end of year | $107.4M / $107.5M |
| Active participants, start / end of year | 842 / 637 |
| Participants with account balances | 926 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Nisivoccia LLP |
| Employer stock held by plan | $1,214,128 |
Largest service providers (Schedule C)
| John Hancock Retirement Plan Srvcs | $150,087 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014081751NAL0001117139001, received 2025-10-14, EIN 22-1211130, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.