Sandy Spring Bank 401(k) Plan

Plan name Sandy Spring Bank 401(k) Plan
LocationOlney, Md.
Asset size ($MM)$100 million - $200 million
Participants1,176
IndustryBanking
Participation rate98%
Average deferral rate10%
# of funds offered16
Investment reviewYes
True-up matchYes
Match vesting periodImmediately upon enrollment
EligibilityWithin 3 months of employment
Default deferral rate6%
Default investmentTarget-date Fund (all types)
Automatic escalationYes - participants are defaulted into auto escalation at time of enrollment unless they opt out; all other participants can opt in at any time
Systematic withdrawalsNo
Fee equalizationYes – a policy is in place
Match Rate51%-99% of first 6% of salary
% receiving full matchVast majority (75% or more)
Maximum employer contribution5%
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
RecordkeeperPrincipal
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