Plan Snapshot
- Plan Sponsor: Banknewport
- Sponsor EIN: 202633950
- Sponsor Address: 184 JOHN CLARKE ROAD, MIDDLETOWN, RI, 02842
- Plan Type: 401(k)
- Total Participants: 337
- Total Assets: $63.9M
Key Plan Design Features
- Auto-Enrollment: Yes
- Auto-Escalation: No
- Allows Roth Contributions: No
- Participant Loans: No
- Participant-Directed Investments: Yes
- ERISA Section 404(c) Fiduciary Safe Harbor: Yes
Plan Financials by Year
| Year | Participants | Total Assets | Employer Contrib. | Employee Contrib. |
|---|---|---|---|---|
| 2024 | 337 | $63.9M | $1.4M | $2.5M |
| 2023 | 302 | $55.6M | $1.3M | $2.4M |
| 2022 | 289 | $46.5M | $1.4M | $2.4M |
Service Providers (Schedule C)
Vendors paid $5,000 or more for services to the plan, ranked by total compensation (direct + indirect fees).
| Provider Name | Role | Direct Compensation | Indirect Compensation | Total Fees |
|---|---|---|---|---|
| WOLF & COMPANY, P.C. | Auditor | — | — | $0 |
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $0
Historical Administrative Expenses
Breakdown of administrative expense categories reported on Form 5500 filings.
| Year | Total Admin Expenses | Investment Mgmt Fees | Contract Admin Fees | IQPA Audit Fees | Professional Fees |
|---|---|---|---|---|---|
| 2024 | $21,284 | $17,671 | — | — | — |
| 2023 | $24,513 | $20,332 | — | — | — |
| 2022 | $22,048 | $17,860 | — | — | — |