Plan Snapshot
- Plan Sponsor: Local 342 Health Care Fund And Retail
- Sponsor EIN: 135626340
- Sponsor Address: 1461 LAKELAND AVE. SUITE 1, BOHEMIA, NY, 11716
- Plan Type: Health & Welfare
- Plan Number: 501
- Total Participants: 3,298
- Total Assets: $10.9M
Key Plan Design Features
- Auto-Enrollment: No
- Auto-Escalation: No
- Allows Roth Contributions: No
- Participant Loans: No
- Participant-Directed Investments: No
- ERISA Section 404(c) Fiduciary Safe Harbor: No
Plan Financials by Year
| Year | Participants | Total Assets | Employer Contrib. | Employee Contrib. |
|---|---|---|---|---|
| 2024 | 3,298 | $10.9M | $26.5M | $0 |
| 2023 | 3,074 | $8.3M | $25.5M | $0 |
| 2022 | 3,262 | $3.3M | $24.0M | $9,722 |
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 |
|---|---|---|---|---|
| MAGANACARE ADMINISTRATIVE SERVICES | Other Service Provider | $1,366,418 | $54,090 | $1,420,508 |
| AMCU & RFSEU LOCAL 342 WELFARE FUND | Other Service Provider | $1,110,000 | — | $1,110,000 |
| AMCU & RFSEU LOCAL 342 GROUP LEGAL | Other Service Provider | $793,557 | — | $793,557 |
| EMPIRX | Other Service Provider | $289,384 | — | $289,384 |
| UFCW LOCAL 342 UNION | Other Service Provider | $168,000 | — | $168,000 |
| HEALTHPLEX INC | Other Service Provider | $104,112 | — | $104,112 |
| NOVAK FRANCELLA LLC | Auditor | $42,183 | — | $42,183 |
| SUMMIT ACTUARIAL SERVICES LLC | Other Service Provider | $36,000 | — | $36,000 |
| JOCAR ELITE PROFESSIONALS, LLC | Other Service Provider | $27,946 | — | $27,946 |
| ARCHER, BYINGTON, GLENNON & LEVINE | Other Service Provider | $20,363 | — | $20,363 |
| SOLARUS TECHNOLOGIES | Other Service Provider | $16,559 | — | $16,559 |
| EMMIDIO UNGARO | Other Service Provider | $14,325 | — | $14,325 |
| NAKEISHA SMITH | Other Service Provider | $7,684 | — | $7,684 |
Verified Provider Profiles
Direct links to verified profiles of matched retirement plan providers on PlanProvider.Pro:
- NOVAK FRANCELLA LLC — Auditor
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $4,050,621
- Estimated Expense Ratio: 37.029% 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 | $2,268,478 | $3,500 | — | $37,925 | — |
| 2023 | $1,847,023 | $3,490 | — | $38,064 | — |
| 2022 | $2,001,232 | $3,500 | — | — | $86,097 |