Apple Bank 401(k) Review & Grade
Apple Bank for Savings 401(k) Plan
New York, NYFinance & Insurance1,328 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$3,846Employer $ per active participant
$8,391Employee $ saved per active participant
0.14%Direct admin cost, % of plan assets
$171.0MNet plan assets, end of year
$107,662Average balance per account
Score breakdown
- Employer generosity26.9 / 5054th percentile for employer $ per participant
- Low cost16.4 / 2566th percentile for low admin cost vs. same-size plans
- Employee saving9.7 / 1565th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score53 / 100 · Grade C
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 54th |
| Lower admin cost | 66th |
| Employee saving | 65th |
| Peers that auto-enroll | 62% |
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Red flags from the filing
Corrective distributions: the plan refunded $1,140 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Apple Bank put in about $3,846 per active participant, more than the typical peer ($3,606). Contribute at least enough to collect the full match. Skipping it leaves part of your pay on the table.
- The filing shows total dollars, not the match formula. Ask HR for the Summary Plan Description so you know the exact match and vesting schedule.
- Fund expense ratios aren't in the filing. Look them up in your 404(a)(5) fee disclosure and favor low-cost index or target-date funds.
- Changing jobs? You can usually leave the money in the plan, move it to your new employer's plan, or roll it into an IRA. Don't cash out: you'd owe taxes and possibly a 10% penalty.
The raw numbers from the filing
| Employer contributions | $5,105,491 |
| Participant (employee) contributions | $11,139,650 |
| Other contributions (incl. rollovers in) | $2,161,808 |
| Administrative expenses paid from the plan | $218,329 |
| Other admin expenses | $218,329 |
| Benefits paid out | $11,453,029 |
| Net assets, start / end of year | $144.9M / $171.0M |
| Active participants, start / end of year | 1,347 / 1,308 |
| Participants with account balances | 1,588 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | RSM US LLP |
Largest service providers (Schedule C)
| The Vanguard Group, Inc. | $177,807 reported compensation |
| Vanguard Advisers Inc. | $47,561 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015095852NAL0002204579001, received 2025-10-15, EIN 13-0822710, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.