New York › Finance and insurance › 500 to 999 participants
Form 5500 statement · plan year 1 Oct 2024 to 30 Sep 2025
The Retirement Plan of Apple Bank for Savings
Sponsored by Apple Bank, New York, NY
Form 5500 information is as filed by the plan administrator with the Department of Labor and may be amended. Figures reflect the plan year shown, not current balances. Form 5500 contains no individual account balances. Look up the original filing at EFAST2.
The Retirement Plan of Apple Bank for Savings is a cash balance pension plan sponsored by Apple Bank of New York, New York. For the plan year ending 30 Sep 2025 it reported 670 participants, 141 of them active, and net assets of $60.2M.
Net assets came to $89,899 per participant, close to the $86,583 median for defined benefit plans with 500 to 999 participants and well below the $119,983 median for defined benefit plans in finance and insurance. The figure is an average across everyone in the plan, including former employees with small balances; Form 5500 holds no individual account data.
Schedule C lists 4 service provider organisations paid $5,000 or more, with reported compensation of $414K: $618 per participant, well above the same-size median of $377. Administrative expenses charged to the plan were $412K. Schedule C does not capture every cost: fees netted from fund returns and fees the employer pays directly are outside it.
Across the filings on record, net assets went from $48.2M in 2009 to $60.2M in 2024 (up 25%), and participants from 1,138 to 670 (down 41%).
The independent accountant's opinion on the financial statements was disclaimer, from an audit whose scope was limited under ERISA section 103(a)(3)(C) to exclude investment information certified by a bank or insurer.
Compared with similar plans
| Measure | This plan | Same size | Same industry | All US DB plans |
|---|---|---|---|---|
| Net assets per participant | $89,899 | $86,583 | $119,983 | $86,221 |
| Employer contributions per active participant | — | $10,758 | $7,849 | $10,244 |
| Schedule C compensation per participant | $618 | $377 | $352 | $344 |
| Schedule C compensation, share of net assets | 0.69% | 0.48% | 0.32% | 0.42% |
| Administrative expenses per participant | $616 | $591 | $433 | $527 |
Peer columns are medians for plan year 2024 across defined benefit plans with 100 or more participants: 500 to 999 participants (873 plans), finance and insurance (690) and all US plans (5,308). Fee medians cover plans that report an amount.
Trend by plan year
| Plan year | Participants | Net assets | Per participant | Employer contributions | Participant contributions | Schedule C compensation |
|---|---|---|---|---|---|---|
| 2024 | 670 | $60.2M | $89,899 | — | — | $414K |
| 2023 | 702 | $63.6M | $90,661 | — | — | $153K |
| 2022 | 728 | $57.1M | $78,453 | — | — | $317K |
| 2021 | 762 | $58.6M | $76,871 | — | — | $348K |
| 2020 | 797 | $82.9M | $104,060 | $8.0M | — | $361K |
| 2019 | 831 | $75.7M | $91,153 | — | — | $294K |
| 2018 | 853 | $71.0M | $83,257 | $5.0M | — | $287K |
| 2017 | 875 | $62.7M | $71,649 | — | — | $188K |
| 2016 | 907 | $65.0M | $71,707 | $7.6M | — | $148K |
| 2015 | 939 | $55.6M | $59,255 | — | — | $201K |
| 2014 | 965 | $55.2M | $57,247 | $8.5M | — | $181K |
| 2013 | 998 | $54.6M | $54,755 | — | — | $178K |
| 2012 | 1,036 | $54.2M | $52,285 | — | — | $168K |
| 2011 | 1,068 | $53.5M | $50,127 | — | — | $176K |
| 2010 | 1,108 | $52.6M | $47,499 | $7.5M | — | $173K |
| 2009 | 1,138 | $48.2M | $42,358 | — | — | $169K |
Years in which the plan filed the full Form 5500 with 100 or more participants, from 2009. Plan year is the year in which the plan year began.
Statement for the year
- Net assets, beginning of year$63,643,548
- Employer contributions—
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$0
- Total income, including investment results$2,386,395
- Benefits paid$5,385,111
- Administrative expenses$412,397
- Total expenses$5,797,508
- Net income−$3,411,113
- Net transfers$0
- Net assets, end of year$60,232,435
Participants
- Active participants141
- Retired or separated, receiving benefits266
- Retired or separated, entitled to future benefits215
- Participants with account balances0
- Total participants, end of year670
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Principal Life Insurance Company | Contract Administrator | $204,210 | $0 |
| Milliman Inc. | Actuarial; Investment advisory (plan) | $113,166 | $0 |
| Hightower Advisors, LLC | Investment advisory (plan) | $0 | $73,093 |
| The Vanguard Group, Inc. | Investment advisory (plan) | $23,816 | $0 |
Schedule C, Part I line 2: providers that received $5,000 or more, with the form's own service codes. Individuals named on Schedule C (plan employees, individual trustees) are never shown and their compensation is excluded. Eligible indirect compensation disclosed by formula carries no dollar amount. See how to read Schedule C fees.
Administrative expenses on Schedule H
- Contract administrator fees$204,210
- Investment advisory and management fees$87,177
- Other administrative expenses$71,205
- Actuarial fees$49,805
- Total administrative expenses$412,397
Investment structure
Assets at year end by Schedule H category. The form shows the kind of vehicle holding the money, not the funds on the menu.
- Pooled separate accounts$60.2M · 100.0%
Audit and compliance answers, as filed
- Accountant's opinionDisclaimer
- Audit scope limited under ERISA section 103(a)(3)(C)Yes
- Accounting firmRSM US LLP
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $20,000,000
- Blackout period during the year—
These are the plan administrator's own answers on Schedule H, Part IV. A reported late transmittal is the filer's disclosure of a timing lapse, usually corrected through the Department of Labor's voluntary program; the amount is the total involved, not a loss.
Plan characteristics
1CCash balance or similar plan
Codes entered on Form 5500 line 8a, with the labels from the official instructions. Business code 522120: Savings Institutions.
Other plans of Apple Bank
| Plan | Participants | Net assets |
|---|---|---|
| Apple Bank for Savings 401(k) Plan | 1,661 | $171M |
Similar plans in New York
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Banco Santander USA Offices Retirement Plan | Banco Santander S.A. New York Branch | 783 | $123M | $157,439 |
| TD Securities USA Pension Plan | TD Securities USA LLC | 650 | $58.2M | $89,483 |
| The Retirement Plan of Ridgewood Savings Bank | Ridgewood Savings Bank | 814 | $167M | $204,605 |
| The Retirement Plan for Employees of the United States Offices of Lloyds Bank PLC | Lloyds Bank PLC | 620 | $122M | $197,498 |
| Local 1783 I.B.E.W. Pension Fund | Board of Trustees of Local 1783 I.B.E.W. Pension Fund | 815 | $16.7M | $20,532 |
| Natixis US Cib Defined Benefit Pension Plan | Natixis North America LLC | 602 | $99.4M | $165,133 |
Defined benefit plans in finance and insurance closest in size.
Questions and answers
How big is The Retirement Plan of Apple Bank for Savings?
670 participants at the end of the plan year ending 30 Sep 2025, of whom 141 were active employees, with net assets of $60,232,435. Among defined benefit plans that places it in the 500 to 999 participants band, which held 873 plans in plan year 2024.
What does Apple Bank contribute per participant?
This filing has no Schedule H financial statement, so employer contributions are not reported here.
What fees does the plan pay and how do they compare?
Schedule C reports $414,285 in compensation to service provider organisations, $618 per participant or 0.69% of net assets. The same-size median among plans reporting any Schedule C compensation was $377 per participant. Administrative expenses on Schedule H were $412,397. Investment costs deducted inside mutual funds and other pooled vehicles are not itemised on Form 5500, so these figures are a floor rather than a full cost.
Who runs the plan?
The sponsor is Apple Bank. Recordkeeping or administration: Principal Life Insurance Company. Investment advisory or management: Milliman Inc., Hightower Advisors, LLC and The Vanguard Group, Inc.. The financial statements were audited by RSM US LLP. Form 5500 also names the plan administrator's signer and other individuals; this site publishes organisations only.
Was the audit opinion unqualified?
The filing reports an disclaimer opinion from a limited-scope audit, in which the accountant did not audit investment information certified by a bank or insurance company. A disclaimer of opinion was the usual result of a limited-scope audit under the rules in force before 2021 and is not by itself a finding about the plan.
How current is this, and does it show my balance?
This is the Form 5500 for the plan year 1 Oct 2024 to 30 Sep 2025, received by the Department of Labor on 13 Jul 2026. Filings are due seven months after the plan year ends, or nine and a half with an extension, so the public record always runs a year or more behind. It contains plan-level totals only: no individual balances, contributions or names of participants exist in the data.
Provenance
Source: U.S. Department of Labor, Employee Benefits Security Administration, Form 5500 research files (Form 5500, Schedule H, Schedule C) for plan years 2009 to 2025, public domain, with filings received through 24 Aug 2026. This page shows the latest filing on record for EIN 13-0822710, plan 001, received 13 Jul 2026; an amended filing replaces it at the next build. Medians and percentiles are computed by this site; see the methodology. Report an error through corrections.