Plan Snapshot
- Plan Sponsor: Hanover Community Bank
- Sponsor EIN: 261454386
- Sponsor Address: 80 EAST JERICHO TURNPIKE, MINEOLA, NY, 11601
- Plan Type: 401(k)
- Total Participants: 165
- Total Assets: $17.7M
Key Plan Design Features
- Auto-Enrollment: Yes
- Auto-Escalation: No
- Allows Roth Contributions: Yes
- 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 | 165 | $17.7M | $753,450 | $1.6M |
| 2023 | 163 | $14.6M | $667,530 | $1.4M |
| 2022 | 148 | $10.3M | $531,822 | $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 |
|---|---|---|---|---|
| MERCADIEN 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 | $56,730 | $40,072 | — | — | — |
| 2023 | $37,970 | $37,955 | — | — | — |
| 2022 | $5,986 | — | $5,986 | — | — |