Retirement plan

SEATTLE BANK PROFIT SHARING & SALARY DEFERRAL PLAN

Name: SEATTLE BANK - SEATTLE BANK PROFIT SHARING & SALARY DEFERRAL PLAN (2024) Form 5500
Creator: SEATTLE BANK
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, SEATTLE BANK PROFIT SHARING & SALARY DEFERRAL PLAN, SEATTLE BANK

SEATTLE BANKEIN 91-1984151Plan #001PY 2024

401 UNION STREET, FLOOR 2900 - SEATTLE, WA 98101206-281-1500seattlebank.comLinkedIn51-200 employeesbanking

Prospect flagsHigh fees

How to read this page

Total assets (EOY)

$18.3M

+11.8% from 2023

Total participants

173

+10.9% from 2023

Average account balance

$105,825

+0.8% from 2023

Annual return

12.14%

-6.46 pp from 2023

Benchmarks

See 7,155 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants25-99

Cohort7,155 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$18.31M

Not enough data

1 years with asset history on file

Average account balance

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

$106K

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.

173

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.

100.0%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$1.30M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$14K

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

+12.14%

Not enough data

1 years with return on file

Admin fee / account holder

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

$371

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 3 by compensation

Provider	Service type	Compensation
EPIC RETIREMENT PLAN SERVICES6 years Filed as: RBC RETIREMENT PLAN ADVISORS Service code 26 · EIN 41-1416330	Advisory (Participants)	$34,493
NORTHWEST PLAN SERVICES, INC.3 years Filed as: NORTHWEST PLAN SERVICES Service code 15 · EIN 91-2090931	Recordkeeping	$24,543
CHARLES SCHWAB & CO., INC.1 year Filed as: CHARLES SCHWAB TRUST BANK Service code 19 · EIN 82-3967259	Securities Custodian	$5,098

Plan features & details

Pension benefit codes2E2G2J2S2F2T3D

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.
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.

Opportunity flags

1 tripped

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)

Expense breakdown

Schedule H Part II

Admin total

$64K

$668 / participant

Recordkeeping$25K38.3%
Trustee / custodial$5K7.9%
Investment mgmt$34K53.8%

% of EOY assets

0.350%

all-in expense ratio

Categories reported

3 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: PLANTE MORAN
Auditor EIN: 331498605
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$105,825

$138,393-23.5%

$184,256-42.6%

$80,959+30.7%

Participation rate

100.0%

83.9%+16.1pp

86.8%+13.2pp

67.7%+32.3pp

Annual return

12.14%

20.01%-7.9pp

28.85%-16.7pp

35.67%-23.5pp

Employer contribution / active EE

$3,804

$4,847-21.5%

$6,427-40.8%

$2,757+38.0%

Participant deferral / active EE

$9,723

$7,076+37.4%

$9,133+6.5%

$4,300+126.1%

Admin fee / account holder

$371

$10,489-96.5%

$13,899-97.3%

$6,925-94.6%

Provider

Service type

Compensation

EPIC RETIREMENT PLAN SERVICES6 years

Filed as: RBC RETIREMENT PLAN ADVISORS

Service code 26 · EIN 41-1416330

Advisory (Participants)

$34,493

NORTHWEST PLAN SERVICES, INC.3 years

Filed as: NORTHWEST PLAN SERVICES

Service code 15 · EIN 91-2090931

Recordkeeping

$24,543

CHARLES SCHWAB & CO., INC.1 year

Filed as: CHARLES SCHWAB TRUST BANK

Service code 19 · EIN 82-3967259

Securities Custodian

$5,098

SEATTLE BANK PROFIT SHARING & SALARY DEFERRAL PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

SEATTLE BANK PROFIT SHARING & SALARY DEFERRAL 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