Retirement plan

CONNECTONE BANK 401K PLAN

Name: CONNECTONE BANK - CONNECTONE BANK 401K PLAN (2024) Form 5500
Creator: CONNECTONE BANK
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, CONNECTONE BANK 401K PLAN, CONNECTONE BANK

CONNECTONE BANKEIN 20-1172127Plan #001PY 2024

301 SYLVAN AVENUE - ENGLEWOOD CLIFFS, NJ 07632844-266-2548connectonebank.comLinkedIn201-500 employeesbanking

Other plans on this EIN

1 filing

#002Retirement-$15.7M assets

Prospect flagsNo flags tripped

How to read this page

Total assets (EOY)

$59.6M

+29.8% from 2023

Total participants

722

+3.1% from 2023

Average account balance

$83,407

+26.9% from 2023

Annual return

19.62%

-0.84 pp from 2023

Benchmarks

See 1,547 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants250-999

Cohort1,547 peers

Snapshot2024

Free accounts unlock saves, downloads, and 3-year history.

Analytics

Total assets (EOY)

Plan-year ending balance

$59.64M

Not enough data

1 years with asset history on file

Average account balance

Total assets / participants with a balance (line 6g)

$83K

Not enough data

1 years with per-participant data

Participants with account balance

Stacked by status: active / separated vested / retired or beneficiary. Total = line 6g.

715

Not enough data

1 years with headcount on file

Eligible Participants and Participation

Bars: eligible actives (line 6a). Line: derived rate = active employees with a balance / 6a.

98.5%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$7.34M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$15K

Not enough data

1 years with per-participant contribution data

Asset flow

BOY + contributions + return - distributions = EOY

Year

Annual return

Diverging bars; negative years highlighted

+19.62%

Not enough data

1 years with return on file

Admin fee / account holder

Total admin expenses / participants with a balance (line 6g)

$179

Not enough data

1 years with admin cost on file

Asset composition

Cash / stocks / bonds / mutual funds / real estate / loans over time

Not enough data

1 years with F_SCH_H allocation on file

Free accounts unlock saves, downloads, and 3-year history.

Service providers

Top 5 by compensation

Provider	Service type	Compensation
SAIPH CAPITAL LLC4 years Filed as: SAIPH CAPITAL, LLC Service code 99 · EIN 86-2052065	Other Fees	$77,602
VOYA RETIREMENT INSURANCE & ANNUITY1 year Filed as: VOYA RETIREMENT ADVISORS, LLC Service code 26 · EIN 02-0488491	Advisory (Participants)	$28,327
LOREN D. STARK COMPANY4 years Service code 49 10750 ROCKLEY RD · HOUSTON, TX 77099	Other Services	$23,876
MORNINGSTAR9 years Service code 27 · EIN 36-3297908	Advisory (Plan)	$7,629
VOYA RETIREMENT INSURANCE & ANNUITY5 years Service code 26 · EIN 71-0294708 PO BOX 990067 · HARTFORD, CT 06199	Advisory (Participants)	$0

Plan features & details

Pension benefit codes2E2J2K2F2G2S3D

Plan features

2E
Profit-sharing
Profit-sharing plan.
2F
ERISA section 404(c) plan
This plan or any part of it is intended to meet the conditions of 29 CFR 2550.404c-1 (shifting investment responsibility to participants).
2G
Total participant-directed account plan
Participants have the opportunity to direct the investment of all of the assets allocated to their individual accounts regardless of whether 29 CFR 2550.404c-1 is intended to be met.
2J
Code section 401(k) feature
Cash or deferred arrangement described in Code section 401(k) that is part of a qualified defined contribution plan under which employees may elect to defer part of their compensation or receive these amounts in cash.
2K
Code section 401(m) arrangement
Employee contributions are allocated to separate accounts under the plan or employer contributions are based in whole or in part on employee deferrals or contributions to the plan. Not applicable to 401(k) plans with only QNECs and/or QMACs or to 403(b)(1) 403(b)(7) or 408 arrangements.
2S
Automatic enrollment
Plan provides for automatic enrollment in plan that has elective contributions deducted from payroll.
3D
Pre-approved pension plan
A master prototype or volume submitter plan that is the subject of a favorable opinion or advisory letter from the IRS.

Opportunity flags

0 tripped

No flags tripped for this filing year. This plan looks clean.

Expense breakdown

Schedule H Part II

Admin total

$128K

$267 / participant

Contract admin$128K100.0%

% of EOY assets

0.214%

all-in expense ratio

Categories reported

1 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: CROWE LLP
Auditor EIN: 350921680
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$83,407

$129,227-35.5%

$184,256-54.7%

$77,762+7.3%

Participation rate

98.5%

87.4%+11.2pp

86.8%+11.7pp

70.6%+28.0pp

Annual return

19.62%

33.24%-13.6pp

28.85%-9.2pp

31.27%-11.6pp

Employer contribution / active EE

$5,950

$4,412+34.9%

$6,427-7.4%

$2,728+118.1%

Participant deferral / active EE

$9,364

$7,307+28.2%

$9,133+2.5%

$4,651+101.3%

Admin fee / account holder

$179

$256-30.1%

$13,899-98.7%

$433-58.7%

Provider

Service type

Compensation

SAIPH CAPITAL LLC4 years

Filed as: SAIPH CAPITAL, LLC

Service code 99 · EIN 86-2052065

Other Fees

$77,602

VOYA RETIREMENT INSURANCE & ANNUITY1 year

Filed as: VOYA RETIREMENT ADVISORS, LLC

Service code 26 · EIN 02-0488491

Advisory (Participants)

$28,327

LOREN D. STARK COMPANY4 years

Service code 49

10750 ROCKLEY RD · HOUSTON, TX 77099

Other Services

$23,876

MORNINGSTAR9 years

Service code 27 · EIN 36-3297908

Advisory (Plan)

$7,629

VOYA RETIREMENT INSURANCE & ANNUITY5 years

Service code 26 · EIN 71-0294708

PO BOX 990067 · HARTFORD, CT 06199

Advisory (Participants)

CONNECTONE BANK 401K PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

CONNECTONE BANK 401K PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

Benchmarks

Service providers

Opportunity flags

Expense breakdown

Audit opinion

Benchmarks

Service providers

Opportunity flags

Expense breakdown

Audit opinion