# Florence Bank 401(k) Plan
Source: https://planprovider.pro/companies/florence-bank-401k-plan

> Florence Bank's 401(k) plan: 212 participants, plan year 2024 financials, providers, and benchmarks from Form 5500.

Form 5500 filing data for plan year 2024.

## Plan Snapshot

- **Plan Sponsor:** Florence Bank

- **Sponsor EIN:** 041332530

- **Sponsor Address:** 85 MAIN STREET, FLORENCE, MA, 01062

- **Plan Type:** 401(k)

- **Total Participants:** 212

- **Total Assets:** $35.4M

## 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|212|$35.4M|$420,729|$1.3M|

| 2023|216|$30.2M|$388,330|$1.2M|

| 2022|204|$25.2M|$369,227|$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|

| JOHNSON OCONNOR FERON & CARUCCI LLP|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|$555|—|$555|—|—|

| 2023|$415|—|$415|—|—|

| 2022|$400|—|$400|—|—|

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