2021 Best in Class 401(k) Plans | Winner
Lakeland Bank
| Plan name | Lakeland Bank |
| Location | Oak Ridge, NJ |
| Asset size ($mm) | $75 |
| Participants | 700 |
| Industry | Banking – Commercial/Retail |
| Participation rate | 97% |
| Average deferral rate | 7.4% |
| # of funds offered | 32 |
| Investment review | Quarterly |
| True-up match | Yes |
| Match vesting period | 4 years |
| Eligibility | Within 3 months of employment |
| Default deferral rate | 3% |
| Default investment | TDF (all types) |
| Automatic escalation | Opt-out |
| Systematic withdrawals | Yes |
| Fee equalization | Yes |
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| Match rate | 50% of first 6% of salary |
| % receiving full match | 50%–75% |
| Maximum employer contribution | 3% |
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| Financial education | Â |
| Saving/Budgeting | Yes |
| Investing strategies | Yes |
| College saving | Yes |
| Credit/Debt management | Yes |
| Tax/Estate planning | Yes |
| Retiree health costs/savings options | Yes |
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| Recordkeeper | John Hancock |
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