Retirement plan

RETIREMENT SAVINGS PLAN FOR EMPLOYEES OF SEACOAST NATIONAL BANK

Name: SEACOAST NATIONAL BANK - RETIREMENT SAVINGS PLAN FOR EMPLOYEES OF SEACOAST NATIONAL BANK (2023) Form 5500
Creator: SEACOAST NATIONAL BANK
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, RETIREMENT SAVINGS PLAN FOR EMPLOYEES OF SEACOAST NATIONAL BANK, SEACOAST NATIONAL BANK

SEACOAST NATIONAL BANKEIN 59-0193820Plan #002PY 2023

815 COLORADO AVENUE - STUART, FL 34995772-287-4000

Prospect flagsFailed to transmit contributionsCorrective distributions

Top hat statement on fileNQDC

Filed November 7, 2000

This is a legacy paper filing. Plan administrator and contact details are recorded in the original filing, which has not been digitised into structured fields.

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How to read this page

Total assets (EOY)

$118.2M

+34.6% from 2022

Total participants

1,893

+0.9% from 2022

Average account balance

$62,450

+33.3% from 2022

Annual return

34.23%

+50.00 pp from 2022

Benchmarks

See 577 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants1,000-4,999

Cohort577 peers

Snapshot2023

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Analytics

Total assets (EOY)

Plan-year ending balance

$178.40M

Not enough data

1 years with asset history on file

Average account balance

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

$78K

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.

2,290

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.

96.6%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$18.20M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$9K

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

+28.87%

Not enough data

1 years with return on file

Admin fee / account holder

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

$112

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

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Service providers

Top 4 by compensation

Provider	Service type	Compensation
AMERICAN UNITED LIFE INSURANCE CO8+ years Filed as: ONEAMERICA RETIREMENT SERVICES, LLC Service code 15 · EIN 46-5378846	Recordkeeping	$124,172
CROWE LLP5 years Service code 10 · EIN 35-0921680	Accounting	$57,000
AMERICAN UNITED LIFE INSURANCE CO1 year Filed as: ONEAMERICA INV ADV SERVICES, LLC Service code 28 · EIN 81-3920167	Investment Management	$12,500
MATRIX TRUST COMPANY3 years Service code 19 · EIN 75-3182674	Securities Custodian	$0

Reportable transactions (Schedule G)

1 row

Counterparties on defaulted loans (Part 1), defaulted leases (Part 2), and non-exempt prohibited transactions (Part 3). Presence of any row warrants fiduciary review.

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Plan features & details

Pension benefit codes2E2F2G2J2K2S2T3D3H

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.
2T
Default investment account
Total or partial participant-directed account plan where plan uses a default investment account for participants who fail to direct assets in their account.
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.
3H
Controlled group member
Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b) (c) or (m)).

Opportunity flags

2 tripped

ComplianceFailed to transmit contributions
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$194K

$127 / participant

Recordkeeping$124K64.1%
Investment mgmt$13K6.5%
Other / not subdivided$57K29.4%

% of EOY assets

0.164%

all-in expense ratio

Categories reported

2 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

The auditor signed off without reservation. This is the cleanest opinion.

Auditor firm: CROWE LLP
Auditor EIN: 350921680
Audit fees: $57,000
Opinion code: Unqualified

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Metric

This plan

Peer set

Industry

Size

Avg account balance

$62,450

$112,686-44.6%

$169,993-63.3%

$80,160-22.1%

Participation rate

100.0%

87.4%+12.6pp

87.0%+13.0pp

72.9%+27.1pp

Annual return

34.23%

67.04%-32.8pp

53.37%-19.1pp

40.38%-6.1pp

Employer contribution / active EE

$3,178

$4,481-29.1%

$6,785-53.2%

$2,978+6.7%

Participant deferral / active EE

$7,443

$7,876-5.5%

$10,408-28.5%

$5,017+48.4%

Admin fee / account holder

$102

$99+3.2%

$12,815-99.2%

$145-29.4%

Provider

Service type

Compensation

AMERICAN UNITED LIFE INSURANCE CO8+ years

Filed as: ONEAMERICA RETIREMENT SERVICES, LLC

Service code 15 · EIN 46-5378846

Recordkeeping

$124,172

CROWE LLP5 years

Service code 10 · EIN 35-0921680

Accounting

$57,000

AMERICAN UNITED LIFE INSURANCE CO1 year

Filed as: ONEAMERICA INV ADV SERVICES, LLC

Service code 28 · EIN 81-3920167

Investment Management

$12,500

MATRIX TRUST COMPANY3 years

Service code 19 · EIN 75-3182674

Securities Custodian

RETIREMENT SAVINGS PLAN FOR EMPLOYEES OF SEACOAST NATIONAL BANK

Top hat statement on fileNQDC

Summary metrics

Benchmarksi

Analytics

Service providersi

Reportable transactions (Schedule G)

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

RETIREMENT SAVINGS PLAN FOR EMPLOYEES OF SEACOAST NATIONAL BANK

Top hat statement on fileNQDC

Summary metrics

Benchmarksi

Analytics

Service providersi

Reportable transactions (Schedule G)

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