Peapack-Gladstone Bank 401(k) Review & Grade
Peapack-Gladstone Bank Employees Savings and Investment Plan
Bedminster, NJFinance & Insurance568 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$5,750Employer $ per active participant
$12,721Employee $ saved per active participant
0.14%Direct admin cost, % of plan assets
$107.4MNet plan assets, end of year
$143,973Average balance per account
Score breakdown
- Employer generosity37.1 / 5074th percentile for employer $ per participant
- Low cost16.5 / 2566th percentile for low admin cost vs. same-size plans
- Employee saving12.6 / 1584th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score76 / 100 · Grade A
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 74th |
| Lower admin cost | 66th |
| Employee saving | 84th |
| Peers that auto-enroll | 62% |
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Red flags from the filing
No red flags were reported on this filing's compliance questions.
What to do if you're in this plan
- Peapack-Gladstone Bank put in about $5,750 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.
- The plan auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- 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 | $3,268,943 |
| Participant (employee) contributions | $7,232,099 |
| Other contributions (incl. rollovers in) | $4,962,819 |
| Administrative expenses paid from the plan | $136,050 |
| Investment advisory & management fees | $68,915 |
| Other admin expenses | $29,635 |
| Benefits paid out | $8,663,945 |
| Net assets, start / end of year | $91.9M / $107.4M |
| Active participants, start / end of year | 509 / 628 |
| Participants with account balances | 746 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Crowe LLP |
| Employer stock held by plan | $4,498,163 |
Largest service providers (Schedule C)
| Onedigital Investment Advisors LLC | $68,915 reported compensation |
| Crowe | $52,500 reported compensation |
| Fidelity Investments Institutional | $13,191 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250717095403NAL0000065841001, received 2025-07-17, EIN 22-2491488, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.