Plan Snapshot
- Plan Sponsor: Banks Construction Company
- Sponsor EIN: 570296227
- Sponsor Address: 4902 BANCO ROAD, NORTH CHARLESTON, SC, 29418
- Plan Type: 401(k)
- Total Participants: 377
- Total Assets: $20.3M
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 | 377 | $20.3M | $542,140 | $1.7M |
| 2023 | 363 | $16.9M | $456,049 | $1.5M |
| 2022 | 341 | $13.5M | $326,047 | $1.2M |
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 |
|---|---|---|---|---|
| PLANTE & MORAN | 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 | $975 | — | — | — | — |
| 2023 | $1,300 | — | — | — | — |
| 2022 | $600 | — | — | — | — |