Plan Snapshot
- Plan Sponsor: Fonar Corporation
- Sponsor EIN: 112464137
- Sponsor Address: 110 MARCUS DRIVE, MELVILLE, NY, 11747
- Plan Type: 401(k)
- Total Participants: 582
- Total Assets: $50.1M
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 | 582 | $50.1M | $0 | $2.0M |
| 2023 | 596 | $42.5M | $0 | $1.8M |
| 2022 | 548 | $36.8M | $36,523 | $1.7M |
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 |
|---|---|---|---|---|
| RED BANK PENSION SERVICES, INC. | SERVICE PROVIDER | $6,500 | — | $6,500 |
| CLARK, SCHAEFER, HACKETT & CO. | Auditor | — | — | $0 |
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $6,500
- Estimated Expense Ratio: 0.013% of plan assets
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 | $6,835 | — | — | — | — |
| 2023 | $5,366 | — | — | $5,366 | — |
| 2022 | $6,436 | — | — | — | — |