Defined Benefit (Pension) · DOL Form 5500 · 2024

Independence Community Bank C/O Santander Holdings USA, Inc. Pension Plan

Data updated 2026-08-11

$60M
Total assets
53
Participants
86th
Percentile by assets
$1.1M
Avg per participant
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Official DOL plan name: Independence Community Bank Employees Retirement Plan · Sponsored by Independence Community Bank C/O Santander Holdings USA, Inc. · Massachusetts · Finance & Insurance

$60M in assets, 53 participants

Independence Community Bank C/O Santander Holdings USA, Inc.'s Independence Community Bank Employees Retirement Plan reported $60M in total assets and 53 participants in its 2024 DOL Form 5500 filing, ranking in the 86th percentile by assets among filed plans. Figures are as reported by the plan sponsor to the Department of Labor, not audited or endorsed by PlainRetire.

  • 86th percentile by assets (of 123,622 plans)
  • #6,721 in Finance & Insurance (8,549 peers)

Where Independence Community Bank Employees Retirement Plan sits by assets

Independence Community Bank Employees Retirement Plan sits in the top quartile of all filed plans by assets, $60M for 53 participants (~$1.1M/participant), down 23.8% in 2024.

$60M
total plan assets (2024 EOY)
53
covered participants
86th
percentile by assets (of 123,622 plans)
$1.1M
avg assets per participant

The plan reported a net loss of $19M for the year, a single-year figure driven by markets and benefit payments, not a measure of plan health.

Where Independence Community Bank Employees Retirement Plan sits by total assets

Independence Community Bank Employees Retirement Plan vs every filed plan by assets

End-of-year total assets · plan year 2024 · DOL Form 5500

$60,477,857 Top 14% higher than 86% of 123,620 filed plans

This plan $0 $2,010,000,000 every filed plan with reported assets, bucketed by value

Dashed line + filled bar = this entry, among filed plans.

Source U.S. Department of Labor Form 5500 filings (EBSA) · plan year 2024

What changed between DOL Form 5500 filings

plan year 2023 → plan year 2024

  • Independence Community Bank Employees Retirement Plan reported net income fell from -$420K in the plan year 2023 filing to -$19M in the plan year 2024 filing.
  • Independence Community Bank Employees Retirement Plan end-of-year assets fell from $79M in the plan year 2023 filing to $60M in the plan year 2024 filing.
  • Independence Community Bank Employees Retirement Plan reported participants fell from 59 in the plan year 2023 filing to 53 in the plan year 2024 filing.

See the national 2023→2024 release diff →

State
Massachusetts
Industry
Finance & Insurance

Independence Community Bank Employees Retirement Plan vs the 2024 asset distribution

By assets, Independence Community Bank Employees Retirement Plan outranks 86% of the 123,622 plans that filed a Form 5500 for the 2024 plan year, and holds roughly 0.6x the national average plan size of $100M (721 average participants).

Scale-class filing particulars (2024)

Total Assets (Beginning of Year)$79M
Net Assets (End of Year)$60M
Net Income-$19M
Employer EIN111350490
Plan Effective Date1953-01-01
Filing StatusFILING RECEIVED

Sponsor Plan History (Independence Community Bank C/O Santander Holdings USA, Inc.)

$50M$60M$70M$80M$90M 202220232024 $79.8M $60.5M ▼ -24.2%
Total plan assets by year, all Independence Community Bank C/O Santander Holdings USA, Inc. plans on file
Year Plans Participants Total Assets
2022 1 64 $80M
2023 1 59 $79M
2024 1 53 $60M

Nearby Defined Benefit (Pension) Plans in Massachusetts

Peer Defined Benefit (Pension) plans, same state, same plan type, ranked by total assets.

Independence Community Bank Employees Retirement Plan vs. nearby Defined Benefit (Pension) plans in Massachusetts, assets vs. participants Scatter plot of 6 data points. -20000020000400006000080000 -5051015 Total assets ($B) Participants Independence Communi…, Total assets ($B): 0.060477857 · Participants: 53Independence Communi…Consolidated Cash Ba…, Total assets ($B): 11.586293172 · Participants: 60621Consolidated Cash Ba…New England Teamster…, Total assets ($B): 9.093299462 · Participants: 21577New England Teamster…Liberty Mutual Retir…, Total assets ($B): 6.250686483 · Participants: 34910Liberty Mutual Retir…Massachusetts Instit…, Total assets ($B): 5.888715533 · Participants: 12533Massachusetts Instit…N. Atlantic States C…, Total assets ($B): 5.086051556 · Participants: 16946N. Atlantic States C…
Independence Community Bank Employees Retirement Plan vs. nearby Defined Benefit (Pension) plans in Massachusetts, assets vs. participants
Compare Independence Community Bank Employees Re… side-by-side with 3 peers →

Similar-Sized Defined Benefit (Pension) Plans Nationally

Defined Benefit (Pension) plans in other states closest to Independence Community Bank Employees Retirement Plan by total assets, not by location.

Frequently Asked Questions

How did Independence Community Bank Employees Retirement Plan assets move in 2024? ▼
Independence Community Bank Employees Retirement Plan declined sharply - down 23.8% during 2024, from $79M to $60M. Reported net income was -$19M.
How have Independence Community Bank C/O Santander Holdings USA, Inc. plan assets changed over time? ▼
Across 3 plan years on file (2022-2024), Independence Community Bank C/O Santander Holdings USA, Inc.'s sponsor-wide assets declined 24.2%, from $80M to $60M.
Where does Independence Community Bank Employees Retirement Plan rank by assets among Form 5500 filers? ▼
Independence Community Bank Employees Retirement Plan ranks in the 86th percentile by end-of-year assets among 123,622 plans that reported assets for plan year 2024 (in the top quartile of all filed plans by assets).
Which Defined Benefit (Pension) plans are similar in size to Independence Community Bank Employees Retirement Plan? ▼
Among Defined Benefit (Pension) plans in other states, the closest by assets is Hm/Fm Retirement Plan in CA ($60M, 80 participants).

Next read for Independence Community Bank Employees Re…

Scale reading

Ways to act on Independence Community Bank Employees Retirement Plan's numbers.

  • By total assets, Independence Community Bank Employees Retirement Plan ranks in the top quartile of all filed plans by assets. See the largest plans
  • Compare it side-by-side against 3 similar Defined Benefit (Pension) plans in Massachusetts. Compare plans
  • Independence Community Bank C/O Santander Holdings USA, Inc.'s sponsor-wide assets have declined 24.2% since 2022 across 3 plan years on file. More Finance & Insurance plans

Source: U.S. Department of Labor, Employee Benefits Security Administration (EBSA), Form 5500 public disclosure dataset. Plan year 2024.

Source: DOL EFAST2 filing system (efast.dol.gov) - original filing retrieval by EIN 111350490.

Read our methodology - how this data is sourced, computed, and verified.

Data sourced from U.S. Department of Labor Form 5500 filings (EBSA). See our methodology for details.