Plan Snapshot
- Plan Sponsor: Machias Savings Bank
- Sponsor EIN: 010111800
- Sponsor Address: 4 CENTER STREET PO BOX 318, MACHIAS, ME, 046540318
- Plan Type: 401(k)
- Total Participants: 291
- Total Assets: $39.7M
Key Plan Design Features
- Auto-Enrollment: Yes
- Auto-Escalation: No
- Allows Roth Contributions: No
- Participant Loans: No
- Participant-Directed Investments: No
- ERISA Section 404(c) Fiduciary Safe Harbor: Yes
Plan Financials by Year
| Year | Participants | Total Assets | Employer Contrib. | Employee Contrib. |
|---|---|---|---|---|
| 2024 | 291 | $39.7M | $973,238 | $1.9M |
| 2023 | 295 | $34.3M | $1.1M | $2.1M |
| 2022 | 275 | $29.8M | $861,362 | $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 |
|---|---|---|---|---|
| BAKER NEWMAN & NOYES LLC. | 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 | $57,695 | — | — | — | — |
| 2023 | $49,054 | $46,554 | $1,000 | — | — |
| 2022 | $47,804 | — | — | — | — |