OCEAN BANK 401(K) SAVINGS PLAN

Plan Contact

  • Address: 780 NW 42ND AVENUE,,,MIAMI,FL
  • Contact person: ASTRID COBALEDA
  • Phone: (305) 569-5572

Plan General Information

OCEAN BANK 401(K) SAVINGS PLAN Total Retirement Plan Assets

At the end of 2023, the total retirement plan assets of OCEAN BANK 401(K) SAVINGS PLAN is $95,367,562.00.This plan was established in 1987.

OCEAN BANK 401(K) SAVINGS PLAN Total Number of Retirement Plan Participants

At the end of 2023, the total number of retirement plan participants in OCEAN BANK 401(K) SAVINGS PLAN is 833

OCEAN BANK 401(K) SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for OCEAN BANK 401(K) SAVINGS PLAN is $114,486.00

OCEAN BANK 401(K) SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for OCEAN BANK 401(K) SAVINGS PLAN is $6,033.00.

OCEAN BANK 401(K) SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in OCEAN BANK 401(K) SAVINGS PLAN is approximately $2,120.00
Investing in this additonal $2,120.00 for 20 years would give you extra $135,720.00, assuming a 10% annual return.

OCEAN BANK 401(K) SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, OCEAN BANK 401(K) SAVINGS PLAN allocates $1,766,487.00 to match its employees' contributions, providing an employer match rate of 35.75% of their contributions

OCEAN BANK 401(K) SAVINGS PLAN Total Retirement Plan Asset Growth Rate

In 2023, the total retirement plan asset growth rate of OCEAN BANK 401(K) SAVINGS PLAN is 7.75%.

OCEAN BANK 401(K) SAVINGS PLAN Estimated Aggregate Retirement Account Investment Gain/Loss

In 2023, the estimated aggregate retirement account investment gain/loss for OCEAN BANK 401(K) SAVINGS PLAN is 12.68%. This measures the effectiveness of the plan participants' investments in the year.

OCEAN BANK 401(K) SAVINGS PLAN Expense Ratio

In 2023, the investment and administrative expense ratio of OCEAN BANK 401(K) SAVINGS PLAN is 0.14%.

Enrollment Features

OCEAN BANK 401(K) SAVINGS PLAN has the following features:
    Automatic Enrollment: It provides automatic enrollment with elective contributions deducted from payroll.
    Default Investments: It uses a default investment account for participants or employees who fail to direct assets in their account.
    Self-directed Brokerage: It allows participants or employees to allocate part or all of its account to a self directed brokereage account as an investment option.

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