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 |
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