Sandy Spring Bank 401(k) Plan
Plan name | Sandy Spring Bank 401(k) Plan |
Location | Olney, Md. |
Asset size ($MM) | $100 million - $200 million |
Participants | 1,176 |
Industry | Banking |
Participation rate | 98% |
Average deferral rate | 10% |
# of funds offered | 16 |
Investment review | Yes |
True-up match | Yes |
Match vesting period | Immediately upon enrollment |
Eligibility | Within 3 months of employment |
Default deferral rate | 6% |
Default investment | Target-date Fund (all types) |
Automatic escalation | Yes - participants are defaulted into auto escalation at time of enrollment unless they opt out; all other participants can opt in at any time |
Systematic withdrawals | No |
Fee equalization | Yes – a policy is in place |
Match Rate | 51%-99% of first 6% of salary |
% receiving full match | Vast majority (75% or more) |
Maximum employer contribution | 5% |
Financial Education | |
Saving/Budgeting | Yes |
Investing strategies | Yes |
College saving | Yes |
Credit/Debt management | Yes |
Tax/Estate planning | Yes |
Retiree health costs/savings options​ | Yes |
Recordkeeper | Principal |