Lakeland Bank

Plan nameLakeland Bank
LocationOak Ridge, NJ
Asset size ($mm)$75
Participants700
IndustryBanking – Commercial/Retail
Participation rate97%
Average deferral rate7.4%
# of funds offered32
Investment reviewQuarterly
True-up matchYes
Match vesting period4 years
EligibilityWithin 3 months of employment
Default deferral rate3%
Default investmentTDF (all types)
Automatic escalationOpt-out
Systematic withdrawalsYes
Fee equalizationYes
  
Match rate50% of first 6% of salary
% receiving full match50%–75%
Maximum employer contribution3%
  
Financial education 
Saving/BudgetingYes
Investing strategiesYes
College savingYes
Credit/Debt managementYes
Tax/Estate planningYes
Retiree health costs/savings optionsYes
 
RecordkeeperJohn Hancock
Note: Match rates and employer contributions are simplified for reporting purposes and may have other attributes (e.g., caps/limits, tiers, etc.) not listed here.
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