Seacoast National Bank 401(k) Review & Grade
Retirement Savings Plan for Employees of Seacoast National Bank
Stuart, FLFinance & Insurance1,529 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$3,565Employer $ per active participant
$7,236Employee $ saved per active participant
0.20%Direct admin cost, % of plan assets
$133.7MNet plan assets, end of year
$74,699Average balance per account
Score breakdown
- Employer generosity24.7 / 5049th percentile for employer $ per participant
- Low cost13.5 / 2554th percentile for low admin cost vs. same-size plans
- Employee saving7.8 / 1552th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score56 / 100 · Grade C
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 49th |
| Lower admin cost | 54th |
| Employee saving | 52th |
| Peers that auto-enroll | 62% |
Get the monthly 401(k) report card
The best and worst plans, new grades as filings post. One email a month, no spam.
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
- Seacoast National Bank put in about $3,565 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 | $5,451,170 |
| Participant (employee) contributions | $11,064,329 |
| Other contributions (incl. rollovers in) | $718,331 |
| Administrative expenses paid from the plan | $256,436 |
| Investment advisory & management fees | $25,000 |
| Benefits paid out | $17,453,631 |
| Net assets, start / end of year | $118.2M / $133.7M |
| Active participants, start / end of year | 1,556 / 1,502 |
| Participants with account balances | 1,790 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Crowe LLP |
| Employer stock held by plan | $2,681,153 |
Largest service providers (Schedule C)
| Oneamerica Retirement Services, LLC | $169,486 reported compensation |
| Crowe LLP | $61,950 reported compensation |
| Oneamerica Inv Adv Services, LLC | $25,000 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250724065729NAL0010643650001, received 2025-07-24, EIN 59-0193820, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.